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TOM Group financial situation improves

(chinadaily.com.cn)
Updated: 2009-03-25 19:54

TOM Group Limited, the Chinese-language media conglomerate in Greater China, said its 2008 revenues reached HK$2.73 billion, slightly higher than HK$2.68 billion in 2007.

Related readings:  Tom.com enters online gaming market  China urged to spend 20b yuan on Internet infrastructure  New media reaps US$15b revenue  Publicity head stresses role of Internet

The company's net losses narrowed to HK$1.39 billion in 2008 from HK$3.31 billion in 2007, the company, controlled by the richest Chinese Li Ka-shing, said.

Ken Yeung, chief executive officer and executive director of the company, said that as the end of the year, net cash inflow from operating activities reported significant growth of 78 percent over 2007 to HK$173 million.

The company's Internet operations, mainly Tom.com on the mainland, which has a joint venture with US e-commerce giant eBay, also saw significant improvements, as segment profit of the Internet Group increased fivefold to HK$63 million.

"In the Publishing Group, our experienced management team has driven improvements in efficiency, resulting in a 23-percent growth in segment profit in 2008," Yeung said.

Commenting on the Group's businesses in the coming year, Yeung said, "Despite advertisers generally take a more cautious view on corporate advertising spending, our innovative advertising platform is able to target different needs of our advertisers and maximize their return on advertising."