China MediaExpress ups earnings guidance
China MediaExpress Holdings has upgraded earnings guidance and revealed
it is looking at potential acquisition opportunities. The group,
whose television adverts are shown on buses in the People’s Republic,
said it expects net income to be in the range of US$82 million to US $85
million in 2010.
This compares with a previous guidance that
suggested profits would be $71 million to $75 million.
The upbeat
tenor of the latest update to trading boosted the shares US$1.25, or
more than 10 per cent, to US$10.82.
CME’s chief executive Jacky
Lam said: ‘We expect to continue to benefit from China's rapid increase
in advertising spending - which is projected to remain one of the
fastest growing advertising markets in the world - sustained economic
growth, and increases in disposable income and domestic consumption.
‘We
plan to continue to grow our business organically and we are also
actively looking for acquisition opportunities within our core business
platform.
‘Furthermore, we are working hard to finalise several
new projects which we believe will further enhance CME's shareholder
value.
‘We have sufficient resources to fund our business
expansion plans, including internal growth initiatives as well as
potential acquisitions.’
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