ChinaNet Q4 2010 Income Up 496% YoY
ChinaNet, 3/31/11
Chinese online and TV advertising firm ChinaNet Online Holdings (Nasdaq: CNET) has announced its financial results for the fourth quarter and full year 2010. Q4 2010 revenue was USD 10.4 mln, no change from 10.4 mln in the fourth quarter of 2009. Revenues for the year ended December 31, 2010 increased 10.2% YoY to USD 41.6 mln from USD 37.7 mln for the year ended December 31, 2009.
GAAP net income for the fourth quarter 2010 was USD 4.7 mln, an increase of 495.8% YoY compared to USD 0.8 mln reported in the same period of the prior year. GAAP net income for the year ended December 31, 2010 was USD 16.6 mln, an increase of 312.8% YoY compared to USD 4.0 mln reported in the same period of the prior year.
For the fourth quarter of 2010, Internet advertising increased 72.2% YoY to USD 8.8 mln, and comprised 84.7% of total revenue. TV production and advertising service revenues declined 71.8% YoY to approximately USD 1.4 mln or 13.6% of total revenues. As of December 31, 2010, the number of active customers, including branded clients, for the Company's internet advertising business was 883, which was up 16% from the third quarter 2010. The number of customers utilizing the TV advertising business was about 175 and approximately 20% of these customers were serviced by both platforms. On account of the client marketing budget and the nature of their business, they practically do not use TV advertising on a regular month-over-month basis.
For the full-year 2010, Internet advertising increased 59.5% YoY to USD 28.3 mln from USD 17.7 mln, representing 68.0% of total revenue. TV advertising revenues fell 32.8% YoY during the full year 2010 to USD 12.5 mln, or 30.0% of total revenues. Management expects internet advertising to account for an increasingly larger percent of total sales going forward as it focuses its marketing resources on growing online franchising site 28.com.
To view the complete report please see here.
Keywords: 28.com TV advertising Internet revenue CNET Q4 2010 ChinaNet profit online advertising fiscal report online franchising
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