Sina one-season advertising revenue dropped 38% and the focus of the merger or extension to the third quarter

Every journalist Zhongchunhui from Shanghai Sina yesterday released the unaudited financial report for the first quarter of 2009 as at March 31. The report showed Sina's net income in the first quarter of this year amounted to $73.8 million trillion, down 27% from the previous quarter's 101.5 million trillion, and 3% per cent year-on-year. In the first quarter, advertising revenue was 43.2 million, down 10%, down 38% from the previous quarter.　　Among them, mobile value-added income accounted for 95% of the advertising revenue. Sina's overall advertising revenue fell in the first quarter of 2009, as Sina predicted in March for the Four Seasons of the year 2008.　　Sina blamed the shock of economic uncertainty for the poor performance of its online advertising business. Sina CEO Charles Chao said in a subsequent meeting of analysts, Sina's advertising revenue is expected to improve in the two or three quarter of this year, the third quarter is expected to usher in the same growth situation as in 2007.　　In this respect, Chao explained, this is largely due to the signing of a large number of framework contracts. Chao admits that advertising revenues from the real estate and FMCG markets could be reduced in the coming quarter.　　He believes that after entering the June, real estate sales are booming, real estate developers are not interested in advertising, from this part of the advertising revenue will be reduced, in some major markets such as Beijing has many developers to cancel or postpone advertising contracts.　　Chao said that the second half of the advertising revenue from the automotive industry is more uncertain, mainly because the second half of this year, the launch and market of new models to less than the first half. For the external concern of the Sina merger of the media, Chao said that the current bilateral transactions are still in progress.　　Chao acknowledged that the deal was longer than previously thought, but there is no official notice of any deal being approved. Last December, Sina announced that it would raise 47 million common shares to buy assets related to the TV, frame, and store advertising of the distribution media.　　As agreed by both parties, the merger will be completed in the first half of 2009 if the terms of the transaction and the relevant approval formalities are completed.　　At the beginning of this month, Changjiang Delta Spring, the media chairman, disclosed in a public meeting that the joint takeover proposal with Sina had been submitted to the Ministry of Commerce, which was being accepted by the Ministry of Commerce's Antitrust review and would be completed by the end of June. "Before we set a deadline of June 30, we agreed to extend the deadline to the end of next quarter, September 30." "If the deal is not completed by then, the two sides will have to sit back together again or extend the deadline again," Chao said yesterday. At that time, either party shall have the right to discontinue the transaction.