Friday, August 22, 2014

TTG records loss in the first half

News this week: Last week, Hong Kong-listed Sino Splendid (formerly announced its results for the six months ended 30th June 2014. TTG Media, an Asian travel trade publishing group owned by Sino Splendid, generated revenues of US$4.0 million, down 35% year-on-year. The company attributed the decrease to strong competition in the travel media industry and a revenue shortfall from the event management contract related to the ATF 2014 (ASEAN Tourism Forum).

The company recorded a net loss of US$856,000 from its continuing operations, compared with a profit of US$1.7 million in the first half of 2013. The company has discontinued its Internet portal business, which did not generate any revenues in the reporting period.

For the quarter ended 30th June, revenues from the continuing operations were US$2.5 million, down 18% vs. the same quarter last year. The loss from continuing operations in the period was US$886,000, compared with a profit of US$1.1 million recorded last year.

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