Asiaray 2017 Net Profit Surges by 165% under Adverse Market Conditions

Asiaray Media Group Limited (“Asiaray” or the “Group;” stock code: 1993), a leading out-of-home (“OOH”) media company with a strategic focus on airport and metro line advertising, has announced its annual results for the financial year ended 31 December 2017 with net profit surging by more than 160%.

Leveraging the satisfactory performance of the airport and metro advertising operations, which for the former was due to the gradual ramp up of associated new projects, while the latter was the result of securing new media resources, the Group managed to realise growth in 2017 despite the challenging condition of the advertising industry in Mainland China and Hong Kong. Total reported revenue rose by 19.6% to approximately HKD1,759.2 million (2016: HKD1,470.8 million). Combined revenue, which includes consolidated revenue and revenue from all associated companies of the Group engaged in the media advertising business, also grew by 20.1% year-on-year to approximately HKD2,567.0 million (2016: HKD2,137.7 million). Meanwhile, gross profit increased by 24.9% to approximately HKD362.7 million, translating into a gross profit margin of 20.6%. Accordingly, profit attributable to owners of the Company surged by 164.7% to approximately HKD44.7 million.

In view of the Group’s strong financial position with cash and cash equivalents, short-term deposits and restricted cash of approximately HKD402.6 million as at 31 December 2017 (2016: HKD327.6 million) as well as the satisfactory financial results, the Board of Directors has proposed a final dividend of HK10 cents per share (2016: HK10 cents).

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