Multimedia investment firm Tom.com has posted its first quarterly profit, thanks to strong growth from its internet and wireless data services, such as mobile phone downloads.
Profit in the second quarter was HK$10.1 million, while sales rose 9.8 per cent to $455.53 million. Internet revenue climbed 31 per cent to $123.9 million, of which $88 million was from wireless services.
But for the first half, Tom.com reported a HK$32.67 million loss, compared with a loss of $124.5 million in the same period last year.
'We survived Sars and turned a profit ahead of expectations,' chief executive Wang Sing said.
Turnover from internet and wireless applications would expand this quarter, he said, adding overall revenue was expected to post double-digit growth. 'Advertising revenue will also pick up' in the coming quarters, he said.
Mr Wang said Tom.com aimed to become the mainland's No?2 portal, after Sina.com and ahead of Sohu.com and NetEase.com. 'Can we surpass Sohu and NetEase? I think so.'
The three mainland-based portals are among the best performing stocks on the Nasdaq market in the United States and have done a brisk business in providing mobile messaging services.
