Beijing Media, the mainland's first overseas-listed newspaper group, says advertising revenue - particularly from property developers - will remain under pressure through the second quarter due to the continuing impact of the macroeconomic austerity measures.
'We have been under the influence of the macroeconomic measures since the second half of last year,' said Beijing Media chief financial officer and company secretary Kelvin Lau Wing-kee.
'We believe the effects will linger through the second quarter, followed by faster growth for the rest of the year.'
Beijing Media posted advertising revenue of 814.12 million yuan last year, a 3.39 per cent rise over 2003. Advertising sales from real estate - the sector that contributed the highest revenue to the group's flagship publication - slid 13.1 per cent to 376.21 million yuan.
'Property accounted for 55 per cent of our advertising revenue in 2003 but only 46 per cent last year,' Mr Lau said. 'We hope to lower it to about 40 per cent this year as growth accelerates from other industries, such as cars, and from classified ads.'
Advertising sales from the car sector reached 114.3 million yuan last year, representing 14 per cent of total revenue, up from 10.7 per cent previously.
