ChinaNet Online Records Q1 2012 Net Loss of USD 400K
ChinaNet, 5/22/12
Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) has announced its financial results for the first quarter of 2012. Q1 2012 net revenue increased by 113% YoY to USD 14.9 mln from USD 7.0 mln in the first quarter of 2011.
Net loss attributable to common stockholders for the first quarter of 2012 was USD 0.4 mln, as compared to net income attributable to common stockholders of USD 2.6 mln during the same period last year.
TV advertising revenue increased over 1,380% YoY to USD 10.4 mln for the quarter from USD 0.7 mln in the same period of 2011. TV advertising revenues were generated by selling approximately 10,396 minutes of advertising time purchased from provincial TV stations as compared with approximately 835 minutes of advertising time sold in the same period in 2011. Revenue from internet advertising and marketing increased by 50% YoY to USD 4.3 mln due to the addition of Sooe.cn and an increasing number of clients on Liansuo.com.
ChinaNet Online expects full-year 2012 revenues to be at least USD 42 mln and net income to be at least USD 2.8 mln.
To view the complete report please see here.
Keywords: TV advertising Internet loss revenue CNET ChinaNet Q1 2012 television online advertising fiscal report
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