Phoenix Satellite Television Holdings, the Hong Kong-based broadcaster on the mainland, said it expected its newly established outdoor advertising and new media businesses to enable it to expand into other platforms.
In order to explore the outdoor media business, the company paid HK$35 million for a 75 per cent stake in a mainland joint venture in July last year, and further injected HK$57.75 million into the venture in the first half of this year.
Phoenix Satellite's new media business, which provides technical services to partners, booked a profit of HK$10.09 million in the first half, up from HK$4.15 million a year ago.
The company's overall profit for the six months to June rose 40 per cent to HK$173.16 million, from HK$123.99 million a year earlier, thanks to the yuan's appreciation and an investment gain.
Revenue rose 22 per cent to HK$675.18 million from HK$553.94 million. Earnings per share were up at 3.5 HK cents, from 2.51 HK cents.
The company booked a HK$23.42 million gain from the yuan's appreciation, compared with HK$14 million a year earlier. It gained HK$21.76 million from investments in two subsidiaries. Revenues from television broadcasting, including advertising and subscription fees, rose to HK$622.09 million from HK$516.88 million, accounting for 92.1 per cent of the group's revenue.
