China.com Posts US$2.2 Million Loss In Q2
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China.com Corp., the Hong Kong firm that manages a portal network for Greater China, reported a US$2.2 million net loss for the second quarter.
China.com executives explain that loss comes from its expansionist moves leading up to its initial public offering last month on the NASDAQ.
China.com reported US$ 2.4 million in total revenues for the second quarter, a 50 percent increase over total revenues of US$ 1.6 million for the first quarter and a 174 percent increase over total revenues of US$ 881,000 for same quarter last year.
"This is our first earnings announcement as a public company, and we are extremely pleased with the company's results," said Peter Yip, China.com's CEO. "We experienced impressive growth in revenue and page views in our advertising and e-business solutions."
Page views from the 24/7 Asia network, for which China.com has a license, allegedly grew to more than 30 million daily page views. Additionally, the company says that the number of affiliates of 24/7 Asia increased to 175 at July 31, 1999.