Sino Splendid records large loss

Hong Kong, 6th November: Earlier this week, Hong Kong-listed Sino Splendid (formerly China.com) announced its financial results for the nine-month period ended 30th September 2017. Revenues in the period were US$8.1 million, a year-on-year decrease of 9.5%. The company posted a loss of US$24 million in the first nine months of 2017 compared to a profit of US$13 million in the same period in 2016.

 

The drop in revenue was largely due to a weak performance in its travel media business. Sino Splendid’s travel media business generated revenues of US$6.0 million in the first nine months of 2017, a decrease of 30% year-on-year and accounted for 73% of total revenues. The remaining revenues were generated from its finance magazine and its money lending business, amounting to revenues of US$2.2 million and just US$3,700, respectively.

 

The company also reported its results for the quarter ended 30th September. Revenues dropped 8.2% year-on-year down to US$2.7 million. Its loss in the third quarter of 2017 was US$1.5 million, compared with a profit of US$9.9 million in the same period last year.

 

Source: Sino Splendid announcement