Friday, August 29, 2014

SEEC Media records loss in first half

News this week: Last week, Hong Kong-listed SEEC Media reported its financial results for the first half of 2014. Revenues in the period were US$24 million, a year-on-year 12% decrease. The company recorded a loss of US$3.4 million in the six-month period, compared with a profit of US$75,000 in the first half in 2013.

SEEC attributed the decrease in revenue as well as net loss to the diversion of advertising spending to the internet and mobile media sectors and away from print media options.

The majority of SEEC’s revenues were generated from by its ad services, amounting to US$23 million, which represents a drop of 9.1% compared with the previous year. The remaining revenues came from book and magazine sales which declined 45% year-on-year.

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