Chinese digital advertiser Focus Media Holding Ltd. (FMCN), Monday reported an increase in profit for the fourth quarter, as last year's earnings were impacted by a loss from equity method investee related to VisionChina.
During the quarter, revenues from the LCD display network, in-store network, poster frame network and movie theater network rose 2 percent from last year. Revenues from the traditional outdoor billboard network for the fourth quarter was $6.1 million, down from 14.2 million last year.
The company's total revenues dropped to $250.2 million from $252.7 million last year.
Hong Kong-based Focus Media's fourth-quarter profit surged to $76.6 million or $0.57 per American Depositary Share or ADS from $37.1 million or $0.27 per ADS last year.
Last year, the company recorded a loss from equity method investee related to VisionChina of $38.9 million.
Excluding special one-time items, earnings for the quarter dropped slightly to $95.1 million or $0.71 per ADS from $96.0 million or $0.70 per ADS last year.
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."
Last December, Focus Media agreed to be taken private by a consortium of private equities, including Carlyle Group (CG) and the company's CEO Jason Nanchun Jiang for $27.50 per ADS.
FMCN closed Monday at $26.68, up 2.03%, on a volume of 3.9 million shares on the Nasdaq. In after hours, the stock dropped $0.03 or 0.11%.
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