Management Discussion and Analysis 管理层论述及分析.pdf

Management Discussion and Analysis REVIEW OF OPERATIONS The principal activities of the Group comprise Media and Media-related operations including Newspapers, Magazines, Recruitment Media and other media-related businesses. In addition, the Group is also engaged in Trading, Broadband Content and Distribution, and E-learning and Corporate Training. The Group recorded healthy growth in financial results during the first half of 2006. The consolidated revenue of the Group for the six months ended 30 June 2006 (“Period”) increased by 937,300,000 9.6% to approximately HK$937.3 million, compared with approximately HK$854.9 million for the six months ended 30 854,900,0009.6% June 2005 (“Previous Period”). The growth is mainly attributable to the contribution by the Group’s free newspaper products launched in the second half of 2005. Despite the incremental costs associated with the free newspaper 43,500,00070% operations, the Group’s consolidated profit attributable to 73,900,000 equity holders for the Period increased to approximately 56,800,000 HK$73.9 million, or by 70%, compared with approximately 20,900,000172% HK$43.5 million for the Previous Period. Excluding exceptional and one-off items, the Group’s profit for the Period was approximately HK$56.8 million, compared with approximately HK$20.9 million for the Previous Period, representing an increase of 172%. Media and Media-related Operations The Group’s Media operations recorded an increase in revenue 636,700,000 of 9.8%, from