China Mass Media Corp. (CMM) posted fourth-quarter net loss of RMB 18.5 million versus net income of RMB 19 million in the fourth quarter of 2010. Loss per ADS was RMB 7.41 versus earnings per ADS of RMB 7.23 last year.
The company noted that net loss was mainly attributable to a withholding tax expense of RMB 19.1 million incurred in conjunction with the special dividend of RMB 364 million million declared in the fourth quarter of 2011.
Total net revenues declined to RMB 52.2 million from RMB 75.78 million in the prior year.
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