Liu Changle, chairman and executive president of the Hong Kong-based Phoenix Satellite Television Holdings Limited, has announced the group's report for the third quarter of 2008, which states its total revenue reached about HKD1.038 billion during the first nine months of the year — a year-on-year increase of 21.5%.
The performance growth was mainly contributed by the revenue growth of advertising and subscription fees. At the same time, its management costs increased 21.3% to about HKD827.716 million, because of the increased expenses of labor, program production and technical service. The operating profits of the group were about USD210.688 million in the first three quarters of 2008, increasing 22% year-on-year while its net profit increased by 18.9% to HKD238.347 million.
The revenue from the group's flagship channel Phoenix Chinese Channel accounted for 64.8% of the group's total revenue, an increase of 15.5% compared with the same period last year. Revenue from Phoenix InfoNews Channel increased by 37.1% to HKD201.786 million, accounting for 19.4% of the total revenue. In addition, the accumulated revenue from Phoenix Movie Channel, Phoenix North America Chinese Channel, Phoenix CNE and other channels reached HKD88.08 million, an increase of 55.5% compared with the same period last year.
By September 30, 2008, the revenue of its new media business was HKD35.113 million. Because of the demands of business extension, the group's expenses in this sector were increased and the net profits of the new media business decreased to HKD2.136 million from the prior year's HKD17.885 million.