Sino Splendid records large loss in first half

Hong Kong, 8th August: Hong Kong-listed Sino Splendid (formerly China.com) has released its results for the six-month period ended 30th June 2017. Revenues in the first half were US$5.5 million, a year-on-year decrease of 10%. The company attributed the decline to a fall in revenues from its Travel Media Business. The company posted a large loss of US$22 million, compared with a profit of US$3.3 million in the same period of 2016.

About 74% of the total revenues were generated from its Travel Media business segment, amounting to US$4.1 million. This represents a decrease of 33% over last year’s figure. The newly acquired financial magazine business (acquired in July 2016) generated the remaining revenues (US$1.4 million).

The company also reported its results for the quarter ended 30th June. Revenues in the quarter were US$3.2 million, that is an increase of 21% year-on-year. The company recorded another huge loss (US$21 million), compared with a profit of US$2.6 million recorded in the second quarter of 2016.

Source: Sino Splendid announcement