Phoenix revenue and profits rise

Hong Kong’s Phoenix media group has posted half-yearly profits of more than US$60 million.

The Chairman and Chief Executive of Phoenix Satellite Television Holdings Limited, Mr Liu Changle, said the group achieved impressive growth in both revenue and profits for the first half of 2012.

The Group’s revenue was approximately HK$1,991 million (US$250 million), an increase of 29.3% over the same period last year. Operating profit for the period ending 30 June 2012 was approximately HK$469 million, an increase of 65.7% over the same period last year.

Operating costs increased by 21.1% to approximately US$196 million, due mainly to the expansion of the company’s new media and the outdoor media businesses.

Mr Liu said the main drivers behind the revenue and profit results were the growth in the businesses of television broadcasting, new media and outdoor media.