Hong Kong, 9th May: Earlier this month, Hong Kong-listed Sino Splendid (formerly China.com) announced its results for the quarter ended 31st March 2018. The company reported total revenues of US$2.0 million in the quarter, down 12% compared with the first quarter of 2017. Sino Splendid recorded a net loss of US$1.1 million in the quarter compared with a loss of US$773,000 in 2017.
Sino Splendid’s management attributed the weak performance to falling revenues at its Travel Media Business. The Travel Media Business posted a 15% decrease, recording revenues of just US$1.3 million. That business accounts for 65% of Sino Splendid’s total revenues. The remaining revenues were generated from its financial magazine business (US$651,000) which was acquired in July 2016.
In the first quarter, Sino Splendid’s Travel Trade Publishing unit published four issues of the ATF 2018 show dailies in Chiang Mai, Thailand in January; as well as three issues of ITB Berlin 2018 show dailies in March. The Events Division organised two events in the quarter both in Shanghai – IT&CM China and CTW China. Both events were held in March. However, the financial results of these shows were not included in these. The results of those shows will be included in the second quarter.
Source: Sino Splendid announcement