Net-enabled services key to growth at content provider A8
A8 Digital Music Holdings, a leading provider of ring tones and other audio content to mainland mobile-phone users, aims to drive expansion by focusing its internet-enabled services to 3G subscribers and pursuing potential acquisitions.
The plans came after the Shenzhen-based company announced record profit and revenue for last year.
A8, which marks 10 years of operations in May, yesterday reported a 27.24 per cent increase in net profit to 102.01 million (HK$116 million) yuan, from 80.17 million yuan in 2008, on steady demand of its pay-to-download digital music service and tightened cost control.
Revenue increased modestly to 707.15 million yuan, up from 706.08 million yuan.
Excluding a 49 million yuan income from a one-off event with China Mobile during the Lunar New Year holiday in 2008, A8 estimated turnover grew about 8 per cent year on year.
As of December 31 last year, A8 had no borrowings. Its cash, bank balances and liquid short-term assets amounted to 402 million yuan, up from 317.6 million yuan the previous year.