Saturday, September 03, 2011

SEEC posts record revenues in 1H

News this week: Hong Kong-listed SEEC Media announced its interim results for the six months ended 30th June 2011. The company generated record revenues of US$27 million, an impressive increase of 41% over the same period in 2010. Net profit in the first half was US$2.6 million, compared to a loss of US$277,000 in the first six months of 2010. Diluted earnings per share were HK$0.0081.

The company attributed the growth in revenues to the increase in advertising income from magazines. SEEC reported revenues from its flagship magazine, Caijing, increased by 60% compared to the first half of last year – that is a new record high. The company, however, did not report Caijing’s revenues separately.

Advertising revenues increased 47% to US$24 million. That figure represented 92% of SEEC’s overall revenues in the first half. The remaining revenues (US$2.1 million) were generated from the sale of books and magazines – that is a 4.2% decrease compared to the first half of 2010.

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