Aug. 8, 2012 (China Knowledge) - Shanghai Great Wisdom Co Ltd<601519>, a leading Internet financial information and service provider in China
, announced yesterday that it expects to suffer a loss of RMB 56 million in the first half of this year.
The company's net profit was RMB 56.75 million in the first six months of last year.
Shanghai Great Wisdom said in a statement that the loss was due mainly to a significant increase in investment in new product development and to the weak securities market.
The company earlier reported a net loss of RMB 16.55 million for the first quarter of this year. Operating revenue fell 17.84% YoY to RMB 118.39 million in Q1.