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hongkong.com Reports Profits For Full Year 2000. Net Income Doubles In Q4.
Company actively seeking acquisitions to drive higher growth
(Hong Kong, February 13, 2001) - hongkong.com Corporation (GEM Stock: 8006; Website: www.corp.hongkong.com), the leading Asian Internet media, communications and interactive services company, today announced its financial results for its fiscal year ended December 31, 2000. Reflecting substantial overall business growth and the company's increasing value as Hong Kong's prime Internet brand, the Group recorded net profits for the year of approximately HK$4.4 million, based on revenue of approximately HK$79.5 million, as compared to a net loss of approximately HK$21.8 million reported in 1999. Net profits for fourth quarter doubled to approximately HK$8.9 million as compared to approximately HK$ 4.5 million in third quarter of year 2000.
For the same period, the subscriber community grew by 84%, from 0.76 million to 1.4 million, and daily pageviews1 were 6.3 million, up from 2.5 million. The Group has also maintained substantial liquidity with more than HK$1.2 billion in cash and marketable securities from its successful GEM listing on March 9, 2000.
"Year 2000 has been a landmark year for hongkong.com in many ways," said Dr Raymond Ch'ien, Chairman of hongkong.com Corporation. "We have steadily built success upon success, creating services of value for our business partners, advertisers and online user communities. Our strategy of enabling business products and profitable services over the Internet, in combination with powerful cross-media, interactive marketing solutions, is proving to deliver value."
"Though market sentiment for many Internet-driven businesses remains low, we are convinced that our pragmatic approach, prudent financial management, business acumen and healthy asset position will allow us to continue growing on all fronts - both organically and through acquisitions and strategic alliances. It is our intention to keep this new "networked" business on a high profit growth path."
The Company's business strategy during the year was to broaden its offerings beyond what is known as a "pure Internet portal play" by adding print media (offline) and wireless capabilities to the Company's existing portal resources.
A strategic print media investment beyond Hong Kong was the 100% acquisition of Miller Freeman Asia's Travel and Tourism Group and its publishing services division. The company, TTG Asia Pte Ltd based in Singapore, is Asia's leading travel trade publisher and travel trade show organizer. It publishes seven regular publications including Travel Trade Gazette Asia, which is regarded by the travel trade industry as Asia's best-known and most reliable weekly travel trade magazine. It also organizes two of the industry's major travel trade shows, Incentives Travel & Conventions, Meetings Asia (IT&CMA) and Corporate Travel World (CTW) Asia Pacific.
Recognizing that the wireless industry is becoming an increasingly vital part of the Internet, hongkong.com began to integrate the needs of wireless users as the second component of its core business strategy. During Year 2000, hongkong.com Corporation acquired a 35.5% stake in InfoisLive.com (Website: www.iilcorp.com) - a leading Wireless Applications developer in Asia Pacific and Europe - which enables delivery of m-commerce and mobile entertainment to users of mobile phones and, in future, the next generation of mobile Internet devices. The portal has also become one of the major content providers to Palm handheld users in Asia Pacific.
"By adding the print media and wireless components to our core business strategy, we are confident that our multi-media development for the coming year will add further shareholder value by leveraging off our existing portal platform. This multi-media platform will generate one stop solution to advertisers, new sources of revenue from multi-delivery "windows" and additional cross promotion and sales opportunities, thereby building a larger community and customer base," said Rudy Chan, Chief Executive Officer of hongkong.com Corporation. "It is anticipated that new revenue streams will result from this broadening of our capabilities and marketing to important new segments. We intend to pursue this initiative vigorously and we will be focusing our skill and resources on acquisitions which fit this business plan, thereby accelerating our business growth in 2001."
The Company will continue to build value into its business model by staying at the forefront, adopting and deploying ground-breaking Internet technologies - and designing interesting cross-media services to match.
One example of how the company has created clicks-and-mortar solutions, as well as maximizing the return on its community channel services and interactive marketing capabilities, is its partnership with 7-Eleven. 7-Eleven is both a major advertiser and an e-fulfillment service partner. Customers are able to purchase online and pick up items at any time of day from any of 400-plus 7-Eleven retail outlets throughout Hong Kong and the New Territories.
Additionally, an alliance with URphoto.com - a local provider of innovative digital and online one-stop photofinishing services - has further enhanced hongkong.com's subscribers Internet experience. Subscribers can utilize convenient photo development services and order souvenir items imprinted with their favorite pictures, which can be picked up at any of URphoto's iOutlets.
"hongkong.com Corporation has both a commitment and obligation to all its communities to help them make the most of the Internet - both as a viable investment, powerful business tool and an exciting enhancement to their everyday lives. We believe that our multi-media approach will make our services more accessible to our users. This is only our first year on the GEM and we, the Internet and the world have only just begun the foray into the new marketplaces driven by e-commerce. We have the enthusiasm, expertise and resources - and our potential is huge," said Rudy.
Highlights of the Year include:
Admitted as a constituent stock of the new Hang Seng IT and IT Portfolio Indices, indicating the rising stature of both the company and its sector in the Hong Kong and regional economies.
Successfully listed on Hong Kong's GEM on March 9, 2000 and raised net proceeds of approximately HK$1.3 billion.
Ranked by Nielsen//NetRatings as the most "sticky" Website.
Ranked by Television and Entertainment Licensing Authority as a Hong Kong Top Ten Healthy Website. www.hongkong.com, also served as an exemplary Website for other portal enterprises to model themselves on.
Won Asia's first Internet marketing award, MEDIA.COM, in category "Best Interactive Campaign - Best Use of Sponsorship" for the 7-Eleven campaign.
Won Outstanding Information Technology & Financial Enterprises Award for Best Internet Content Provider from leading business publication, Capital Magazine.
Ten new subscriber channels launched and six revamped.
Partnerships with Sportsasia.com and CarNet.com add high-value content.
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