China.com Inc, a 77%-owned subsidiary of CDC Corporation (CHINA), announced its financial results for the three months ended 30 June, 2006.
During the period, the company recorded total revenue of HK$150 million, representing an increase of 72% over the same period last year, while gross profit was HK$91 million, up 103%.
Profit attributable to equity shareholders was HK$17.8 million, up 772% from Q2 2005. Th company says this is the 25th consecutive quarter since the company's initial public offering in March of 2000 that the company has shown a profit attributable to equity shareholders.
Dr. Raymond Ch'ien, CDC Corporation's Chairman and Chairman of the Board for China.com said, "I am pleased with the substantial progress made by the company's online gaming and mobile services unit during the second quarter of 2006. We achieved new milestones across all key businesses within the unit, especially CDC Games, whose outstanding performance consistently exceeded our expectations. We appreciate that challenges lie ahead with the recent and imminent regulatory changes in the MVAS and online games sectors and we are committed to work even harder to offset any short term effects on performance and to continue our success in the vast and growing markets of China."
In Q2, the company continues to strengthen China.com portal's position as one of the preferred websites for Chinese professionals by enhancing content in the lifestyle, career, entertainment, technology and health channels.
"While we are encouraged by the continuing success of our existing operations, we are excited at the prospects for tremendous growth for our new products and services such as "The Straight Show" and SaaS," said Dr. Chen Xiaowei, Chief Financial Officer of China.com.
On 3 August, Peter Yip was re-designated as an executive director and appointed as acting chief executive officer of China.com Inc. Yip was a founder of the company and also serves as the chief executive officer of CDC Corporation, the 77% majority shareholder of the company.
In addition, Dr. Chen Xiaowei has been appointed as an executive director, compliance officer and authorized representative of the Company in addition to her current role as Chief Financial Officer of the company.
