SEEC revenues up, profits down

News this week: Hong Kong-listed SEEC Media has reported its financial results for the year ended 31^st December 2012. The company generated revenues of US$67 million, which is an increase of 7.1% over the previous year. Profits for the year dropped 7.9% to US$4.2 million. Dilute earnings per share in 2012 were HK$0.0185 (US$0.0024).

The majority of SEEC’s revenues were generated through advertising agency income, which amounted to US$56 million – or 84% of total revenues. That is a 4.9% year-on-year increase. The remaining revenues were generated through advertising income from conferences & events (US$6.7 million) and sales of books & magazines (US$4.1 million). Advertising income from conferences & events increased 43% over 2011, while sales of books & magazines was down 4.2%.

According to the company, revenues at its flagship magazine, Caijing, grew 18%. The company attributed the drop in profits to increases in the costs of hosting and organising its portfolio of conferences & events.

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