Friday, March 28, 2008

TOM Group posts loss on unfavorable policy

TOM Group Ltd<2383>, a Hong Kong-based media company controlled by Hong Kong billionaire Li Ka-shing, booked a loss last year due to unfavorable regulatory policies on internet business, the company said in its earnings statement for 2007 fiscal year published on Wednesday.

The loss stood at HK$297 million last year, compared with a profit of HK$32 million a year earlier. It comes as a result of increasing competition and stricter government supervision. Sale also experienced a decrease of 42% year-on-year to HK$2.68 billion, according to the statement.

In addition, company CEO Tommei Tong, who has been working for Tom for over 5 years, has resigned for personal reasons. Ken Yeung has been chosen as her successor.

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