27th Jun 2014 17:24
LONDON (Alliance News) - Resource Holding Management Ltd Friday said its pretax profit increased in 2013 despite facing a "challenging" year, partly due to intensified competition in the media and advertising sector.
In its full-year results for the 12 months to December 31, 2013 the company said pretax profit increased to CNY27.9 million from CNY15.7 million the previous year. Group revenues increased to CNY49.1 million from CNY45.6 million. The company also received a CNY47.3 million payment after the disposal of one of its subsidiaries.
The Chinese media and advertising investment company said 2013 was a challenging year, as competition in the media and advertising sectors within which it operates continued to intensify.
In 2013, Resource Holding Management said its Shanghai business activities continued to expand with the Hangzhou Tourism Project to promote Hangzhou as a tourist destination for holidaymakers from Singapore, Malaysia, Thailand, Hongkong. Since then, Hangzhou tourism has gained popularity across the region. Notably, South Korea has been added to the company's mandate going forward for 2014.
Looking ahead, the company said that it expects improved profitability in the coming years to be achievable as more existing and potential clients are backed by a much larger clientèle base which, in turn, is expected to place digital options more firmly in their communications plans. "The Group sees opportunities to position itself strategically to emerge with more innovative digitally related creative, media and marketing solutions for its clients," said the company.
Resource Holding Management said it remains optimistic about the outlook for 2014 and is confident that it will be able to capitalise on digital opportunities within the media and advertising business segment, citing its expansion into digital media and into other South East Asian markets as well as leveraging its existing merchant database in Malaysia, as areas of focus for the year.
Resource Holding Management shares closed 11.11% lower at 12.00 pence per share Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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