Mumbai, 23rd January: Last week, Cyber Media released its financial results for the quarter ended 31st December 2008. Revenues for the last nine months of 2008 were US$ 20.1 million, a 16% increase over the same period in 2007. The company recorded a net loss of US$460,000 in that period compared with a profit of US$ 1.79 million in the same period of 2007.
Cyber Media’s management attributed the loss to the U.S. recession which affected two acquisitions made by the company. The company also noted that in order to reduce dependence on print ads, CyberMedia will continue to expand its media services business. The company has also implemented cost control measures and organizational restructuring. Source: Cyber Media press release