Beijing, August 13: Xinhua Finance Media has reported net revenue for the second quarter of 2007 up 222% year-on -year at $29.0 million. This represents an increase of 74% on the first quarter of 2007. The company says that the “increase in revenue was driven mainly by strong organic business growth”. Existing businesses contributed $27.5 million while new acquisitions contributed $1.5 million to the quarter.
Net income for the period was $2.3 million, up 1,026% year-on-year. The company says that it expects full year revenue to be US$128 – 133 million “due to contributions from recent acquisitions”. Third quarter revenue is expected to be US$35 – 37 million. Source: Company Press Release