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Phoenix New Media swings to profit in Q1

May. 18, 2012 (China Knowledge) - Phoenix New Media Ltd, a spin-off unit of Chinese-language media company Phoenix Satellite Television Holdings<2008>, reaped RMB 32.9 million in net profit attributable to shareholders in the first quarter of this year, whereas it suffered a net loss of RMB 26.2 million in the same period of last year.

Diluted earnings per American Depositary Share were RMB 0.41 in Q1 2012, compared with loss per ADS of RMB 12.92 in the corresponding period of 2011.

Total revenue for the three-months ended Mar. 31, 2012 increased by 39.2% YoY from RMB 171.7 million to RMB 239.1 million, of which RMB 128.9 million was derived from advertising revenue, up 71.3% from a year earlier.

Gross profit for the first quarter of this year increased 83% YoY to RMB 104 million with gross margin of 43.5%.

For the second quarter of 2012, the company expects its total revenues to be between RMB 282 million and RMB 292 million, representing Y-o-Y growth of approximately 24% to 28%. Revenue from advertising sector would reach RMB 166 million to RMB 171 million in the second quarter, sources reported.

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