Focus sees profit on rebound in ad income
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Focus Media Holdings said it returned to profit in the second quarter after advertising income rebounded with the recovery in the economy.
Its revenue jumped 22 percent from a year ago to US$158.2 million, the Shanghai-based digital advertising group said in a statement yesterday.
The firm earned US$25.3 million, or 17 cents per share, in net income. It made a net loss of US$23 million in the same period last year.
Focus said that advertising income from its network of LCD displays, in-store displays and poster frames rose 22 percent from a year ago to US$108.6 million.
It generated an annual 25 percent jump in revenue from movie theater advertising and outdoor billboards of US$49.5 million.
"We continued to gain market share in China's advertising market and as we further stabilize and strengthen our core business the trend will continue in the second half," Chairman and Chief Executive Officer Jason Jiang said in the statement.
The company predicts profit in the third quarter at between US$48 million and US$49 million.
China's advertising spending grew 17 percent annually to 277 billion yuan (US$40.76 billion) in the first half, CTR Market Research Co said.
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