Focus Media Holding Ltd. (FMCN) Monday reported an increase in profit for the fourth quarter, reflecting lower operating expenses from the year-ago quarter.
The Central, Hong Kong-based company's attributable net income for the latest quarter rose to $76.6 million or $0.57 per ADS, from $37.0 million or $0.27 per ADS in the same quarter last year.
For the quarter, adjusted income for the quarter was $95.0 million or $0.71 per ADS, compared to $62.1 million or $0.70 per ADS in the prior-year quarter.
Meanwhile, total revenues for the quarter grew to $250.28 million from $208.29 million in the prior-year quarter, while two analysts had a consensus revenue estimate of $248.86 million for the quarter.
Jason Jiang, Chairman and Chief Executive stated, "In the fourth quarter of 2012, our operation's performance was in-line with our previous expectations as we continue to be affected by a slower overall advertising spending in China."
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