ChinaNet Online Holdings Inc. offers full-service media development, advertising and communications to small and medium-sized companies in the People’s Republic of China. Yesterday, the company posted its second-quarter financials, reporting an increase in revenues, net income and cash flow.
ChinaNet increased its revenues for the second quarter of 2009 by 79 percent to $9.4 million, up from the $5.2 million reported in the same period of 2008. The company attributes the achievement to a boost in its Internet and television advertising, which contributed roughly 45 percent of total revenues for 2009.
Net income for the second quarter of 2009 was $1.3 million, up 73.1 percent from the $0.7 million reported in the second quarter the year prior.
“We are very pleased to report strong revenue and net income growth in the second quarter and year-to-date. While operating margins were modestly impacted by non-recurring and non-cash expenses we were able to show the inherent operating leverage in our business model and are enthusiastic about the recent reverse merger with Emazing Interactive, Inc., a U.S. public company,” Handong Cheng, chairman and CEO of the company stated in the press release.
He added, “We continue to see strong growth in both our Internet and TV advertising business, which was driven by both existing and new customers. With the Chinese government’s strong support for developing small and medium companies, we believe ChinaNet’s advertising platform is well positioned to capitalize on this large growth opportunity with enhanced profitability.”
Part of the company’s Internet advertising efforts was through brand building for its www.28.com Web site, which provides customers with a suite of client service technologies, complemented by an experienced sales team.
ChinaNet generated roughly 177.1 of its 2009 revenues through its television advertising. In the press release, the company said that as of June 30, 2009, it had 650 customers from its Internet advertising efforts, and 275 from television advertising.
The company also announced a substantial year-to-date increase in cash flow from operations, up 428.5 percent to $2.7 million.
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