For immediate release
Hong Kong, August 8, 2001 -- TOM.COM LIMITED ("TOM") today announced its second quarter results with revenue up 89% over the last quarter to HK$145 million. Offline media revenue rose 101% to HK$113 million, boosted by strong performance in sports and outdoor marketing businesses. Despite a slow online advertising market, TOM's online media revenue increased by 55% to HK$32 million on the back of focused sales, higher advertising sell-through and increased sales by bundling with other TOM assets.
During the quarter, TOM achieved a gross profit margin of 45%. Its loss before interest, taxation, depreciation and amortisation was reduced by 15% to HK$47 million.
On a year-on-year basis, revenue for the six months ended 30 June 2001 amounted to HK$222 million, an increase of approximately 36 times from HK$6 million in the corresponding period in 2000. Operating loss in the first half of 2001 was at HK$119 million, down 40% from HK$198 million year-on-year.
In announcing the Q2 results at a press conference, Chief Executive Officer and Executive Director Sing Wang said: "I am pleased with our Q2 results. This proves that our strategy is working and I am confident that TOM will achieve EBITDA break-even next year."
Mr. Wang added that TOM achieved the results in a difficult operating environment for Internet companies. The six U.S. interest rate cuts since January had reduced interest income for Internet companies while a weak online advertising market meant keen competition for the sector.
For press enquiries: Rachel Chan, TOM.COM LIMITED. Tel: (852) 2121 7810;
Fax: (852) 2127 7576; E-mail: rachelc@hk.tom.com
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