reports Q1 profit rise

Louise Duffy | 30-04-2013

Chinese media group has reported unaudited financial results for the first quarter ended 31 March 2013.

Its net income was $24.43 million, up from from $23.11 million in Q1 2012. Income per share was $0.60, up from $0.53 last year.
Non-GAAP net income attributable to the company for the first quarter of 2013 was $24 million, or $0.62 share.
Total revenues were $308 million, up 36% year-on-year and 3% quarter-on-quarter.
Total revenues for the second-quarter are expected to be between $333 million and $342 million.
Charles Zhang, chairman and CEO of Inc. said: "I am pleased to report our group's three key properties, namely online media, including portal and online video, Sogou and Changyou are all making strong starts into 2013. For the first quarter, the group revenues were up 36% year-on-year, exceeding our expectations. By business unit, online video delivered double digit sequential revenue growth in a typical slowest quarter of the year...
"According to iResearch, the Sohu Group now has approximately 450 million users on a monthly basis, and this puts us as a solid No.3 in China's internet industry. Traffic growth for our PC internet services is stable while our mobile products are gaining strong traction as the total user base of two of our popular mobile APPs surpassed 100 million mark."