Phoenix Satellite Television Holdings, a Hong Kong-based Chinese television channel partly owned by China Mobile (Hong Kong) Group, said yesterday its operating profit for the nine months to September rose 4.9 per cent to HK$109 million, from HK$104 million a year earlier, even as revenue at its flagship channel fell.
Sales slipped 0.6 per cent to HK$757 million, the company said.
Net profit fell 2 per cent from a year earlier to HK$130 million, mainly because last year's earnings were boosted by HK$29 million in one-time gains from property sales and the appreciation of the yuan.
Earnings per share were 2.65 HK cents, down from 2.71 HK cents a year earlier. The company did not declare an interim dividend.
Advertising revenue, which accounted for 93.1 per cent of the company's total sales, grew 2.4 per cent in the period.
Operating costs fell 1.4 per cent to HK$648 million, mainly due to a HK$57 million decline in provisions for doubtful debt.