Hong Kong media group Tom.com pleased markets by announcing a first half loss 16% down at HK$124.5 million despite a series of acquisitions that tripled its turnover. The group, controlled by Li Ka-shing, made its first operating profit in the second quarter.
Chief executive Sing Wang said the company would have positive cash flow for the full year, with estimated full-year revenue of more than HK$1.5 billion. "The second quarter was a milestone for our company. We have reached a critical mass where additional revenue in future will go to the bottom line," he said.
Publishing contributed 54% of turnover, with sports and entertainment-related businesses accounting for 19%, and online business provided 16% of sales.
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