BVI holding announced unaudited financial results for Q1 2018

ChinaNet-Online Holdings, Inc., a parent company of ChinaNet Online Media Group Ltd., incorporated in the British Virgin Islands, which is an integrated online advertising, precision marketing, data analysis and management services platform. announced its unaudited financial results for the first quarter of 2018.

In this period, company’s net revenues increased by 13.7% to US$8.3mln, compared to US$7.3mln in the first quarter of 2017. Net loss decreased from US$1.1mln in the first quarter of the previous year to US$0.6mln in this year. Search engine marketing and data services revenue for the first quarter of 2018 increased by 29.6%, from US$5mln in the first quarter of 2017 to US$6.4mln in the same period of 2018.

In the first quarter of 2018, cost of revenues was US$7.7mln, compared to US$6.0mln in the corresponding period of 2017, the growth primarily attributable to the increase in revenue contributions from search engine marketing and data services. Gross profit in the reported period was US$0.6mln, this is a decrease from US$1.3mln in Q1 2017, as a result of increased cost of revenues.

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