Chinese mobile value-added service company Hurray Holding Company Ltd. might have a suitor, as the company announced it has received an offer to sell a 51% stake.
Fittingly called Best Prospect Overseas Limited, Best Prospect has reportedly expressed interest in acquiring a 51% stake in Hurray. The expression of interest is subject to the satisfactory completion of various conditions, including negotiation of mutually acceptable terms of the acquisition. Hurray states that its board of directors is evaluating various strategic alternatives.
Just days ago, Hurray promoted Xiaoqing Guo to the job chief financial officer, and the company's CEO also recently departed his post.
For the last quarter of 2008, Hurray's total revenues hit USD14.4 million, representing an increase of 6.7% quarter-over-quarter and a decrease of 9.2% year-over-year. Of that total, WVAS revenues were USD11.5 million, representing an increase of 3.8% quarter-over-quarter and an increase of 4.2% year-over-year. Recorded music revenues were USD3.0 million, representing an increase of 19.2% quarter-over-quarter and a decline of 39.3% year-over-year. Net loss was USD9.2 million.
For the entire 2008 fiscal year, the news was not any better. Total revenues for the year were USD54.0 million, a decline of 10.9% as compared to USD60.5 million for 2007. WVAS revenues totaled USD42.7 million, a decline of 14.7 % as compared to USD50 million for 2007. However net loss for the entire year only hit USD12.0 million, compared to net loss of USD42.0 million for 2007.