Feb. 20, 2009 (Xinhua News Agency) -- Kongzhong Corp (NASDAQ:KONG) reports unaudited FY 2008 financial results
BEIJING, Feb. 20 (InfoChina) ? Kongzhong Corporation (KONG.NASDAQ) released Thursday its unaudited financial results for 2008, reporting 96.69 million U.S. dollars total operating revenue for the whole year, up 31 percent on year.
As 21.62 million yuan provisions was made for goodwill detraction reserves on the U.S. GAAP basis, which had caused losses in the third quarter, the company posted a net loss of 20.66 million yuan in the whole year of 2008.
Kongzhong Corporation estimated its total revues in the first quarter of 2009 between 27.5 and 28.5 million U.S. dollars, up 36.6-41.6 percent year on year.
The main sources for the company's operating revenue were general wireless value-added services and mobile advertisements, at 86.91 and 2.04 million U.S. dollars, respectively. The cash flow generated by its operating activities reached 12.52 million U.S. dollars.
Kongzhong's operating revenue have declined four consecutive quarters since the third quarter of 2006, and recorded steady growth for six consecutive quarters after a low in the second quarter of 2007.
Profits were registered in all but the third quarter of 2008. (Edited by Hou Yujie, houyj@xinhua.org)
