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 interim results for the six months ended 30 June 2018 with profit for the period surging by 194%.
In the first half of 2018, Asiaray continued to achieve an organic growth with total revenue up by 19.4% to HKD888.3 million, which was driven by the sustained growth of the airport, metro and billboard businesses, particularly contributions from the well-developed media resources in Yunnan and Zhengzhou airports, and the metro business in Hong Kong. Consequently, gross profit surged 50.1% to HKD193.9 million, with gross profit margin up by 4.4 percentage points to 21.8%. Combined revenue, which includes consolidated revenue and revenue from all associated companies of the Group engaged in the media advertising business, also rose by 21.0% year-on-year to HKD1,330.1 million (2017: HKD1,099.5 million). Profit attributable to owners of the Company surged 32.0% to HKD6.6 million.
The Group maintained a healthy financial position with cash and cash equivalents, short-term deposits and restricted cash of approximately HKD378.0 million as at 30 June 2018. For the six months ended 30 June 2018, the Board of Directors has proposed an interim dividend of HK1.4 cents per share.
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