ChinaNet Online Holdings Inc. (CNET: Quote) Tuesday reported a decline in profit for the second quarter, due mainly to weak margins, despite a 45 percent growth in revenues.
The Beijing, China-based company's second-quarter net profit attributable to common stockholders was $895 thousand or $0.04 per share, compared to $2.84 million or $0.15 per share last year.
Total revenues for the quarter surged to $13.13 million from $9.08 million in the prior-year quarter.
For the quarter, gross margin plunged to 28.7 percent from 62.2 percent in the year-ago quarter.
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by RTT Staff Writer
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