Focus Media Holding Ltd. (FMCN: Quote) Wednesday reported an increase in profit for the second quarter, driven mainly by higher revenues.
The Central, Hong Kong-based company's attributable net profit for the second quarter was $58.91 million or $0.44 per ADS, compared to $42.80 million or $0.30 per ADS last year.
Adjusted income for the quarter was $81.91 million or $0.62 per ADS, compared to $62.95 million or $0.44 per ADS in the prior-year quarter. On average, four analysts polled by Thomson Reuters expected the company to earn $0.59 per ADS for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $233.0 million from $178.96 million in the prior-year quarter. Five analysts had a consensus revenue estimate of $225.98 million for the quarter.
Looking ahead, the company expects third quarter adjusted net income in the range of $92 million to $94 million. Analysts currently expect the company to earn $0.69 per ADS for the quarter.
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by RTT Staff Writer
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