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February 17, 2015

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Ad income and mobile Internet lift BesTV profit

BESTV New Media Co’s net profit jumped 16 percent year on year, fueled by income from advertising and mobile Internet, the listed subsidiary of Shanghai’s No. 1 media group, SMG, said yesterday.

BesTV posted a net profit of 785 million yuan (US$125.6 million) in 2014. The revenue was 2.9 billion yuan, up 13 percent from a year ago, the company said in a statement to the Shanghai Stock Exchange yesterday.

“The mobile Internet and advertising business became our profit engines (in 2014),” said BesTV in the statement.

Income from advertising, covering mobile, Internet TV and online platforms, surged 86 percent in 2014 after the company spent US$96 million to acquire 51 percent of mobile advertising firm AdSage in August.

By the end of last year, BesTV’s 20 million mobile TV users boosted its mobile Internet revenue by 55 percent.

Of the more than 22.5 million IPTV (Internet Protocol TV) users nationwide, 15 million are paid users. They are expected to contribute more revenue this year.

BesTV surged 7.56 percent to 43.70 yuan in the Shanghai stock market yesterday, compared with the market’s 0.58 percent gain.

In 2015, the company will continue with its merger with Shanghai Oriental Pearl Group as the city government reforms state-owned media enterprises.

The merged company is expected to become the nation’s first media enterprise with a market value exceeding 100 billion yuan, according to Haitong Securities, an adviser to BesTV on the merger.




 

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