September 18, 2009 / 1:50 PM / 10 years ago

UPDATE 1-Focus Media posts Q2 loss

* Q2 loss $0.18/ADS vs profit of $0.28/ADS yr ago

* Q2 rev from cont ops $82.1 mln

* Sees Q3 rev $46-$47 mln

* Deal with Sina still under anti-trust review

* Shares down 2 pct

Sept. 18 (Reuters) - Chinese digital advertising company Focus Media Holding Ltd FMCN.O reported a second-quarter loss, hurt partly by a drop in its Internet advertising business. For the quarter ended June 30, the company posted net loss attributable to shareholders of $23 million, or 18 cents per American depositary share, compared with a profit of $36.1 million, or 28 cents per ADS, a year ago.

Net revenue from continued operations fell 23 percent to $82.1 million, while its Internet advertising service revenue was down 12 percent to $66.7 million.

Advertising revenue from the movie theater and outdoor traditional billboard network fell 26 percent to $14.8 million.

For the third quarter, the company said it expects revenue from continued operations of $46 million to $47 million.

On the much-delayed deal with China’s leading Internet portal Sina Corp (SINA.O), Focus Media said the transaction is still undergoing anti-trust review by the Department of Commerce of China.

“If the anti-trust approval is not received by the end of September 2009, several options will be evaluated between both parties, including the extension of the closing deadline and altering the deal structure,” Focus Media said in a statement.

Shares of the company were down nearly 2 percent at $9.89 in early morning trade on Nasdaq.

For alerts, please double click [ID:nWNAB1125] (Reporting by Mansi Dutta in Bangalore; Editing by Anil D’Silva)

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