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Nasdaq-listed Sina turns loss into profit in Q4

Feb. 29, 2012 (China Knowledge) - Sina Corp<SINA>, which operates the largest web portal in China, reaped US$9.3 million in net profit attributable to shareholders in the fourth quarter of 2011; earlier, it suffered a net loss of US$100 million in the same period of last year.

In the three months ended Dec. 31, 2011, the Nasdaq-listed firm's diluted earnings per American Depositary Share were US$0.14, compared with US$1.62 in diluted loss per ADS for the corresponding period of 2010.

Operating revenue for the fourth quarter of last year grew 21% year over year to US$133.4 million. On a non-GAAP basis, operating revenue grew 23% year over year to US$128.7 million.

For the whole year of 2011, the company suffered a net loss of US$302.1 million. On a non-GAAP basis, the firm earned US$61.6 million in net profit attributable to shareholders last year. Operating revenue increased 20% year over year to US$482.8 million, while non-GAAP operating revenue grew 21% year over year to US$464.1 million in 2011.

As of Dec. 31, 2011, Sina had US$673.5 million in cash and short-term investments, compared with US$882.8 million at the end of 2010.

The Chinese biggest web portal operator expects its non-GAAP operating revenue for the first quarter of 2012 to reach between US$101 million and US$104 million.

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