News this week: NASDAQ-listed China Finance Online (CFO), a provider of online financial data in China, announced its financial results for the quarter ended 30th June 2011. Revenues in the second quarter were US$14 million, which is down 9.8% compared with the same quarter last year. Net loss attributable to the company was US$1.8 million, compared with a net profit of US$378,000 in the same period in 2010.
The majority of CFO’s revenues were generated from subscriber fees from individual customers – accounting for 80% of total revenues. However, subscriber fees posted an overall year-on-year decrease of 9.3%. The company attributed this decrease to diminished investor confidence and activity as a result of the downward trend of stock markets in China.
CFO also reported its first half results. For the six months ended 30th June, revenues were US$29 million, a year-on-year decrease of 5.8%. There was a net loss attributable to the company in the first half of US$403,000, compared with a net profit of US$518,000 in the first half of 2009. The company’s management maintains its forecast of US$55 million in revenues for the full year in 2011. Revenues in 2010 were US$60 million.
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