Sina Corp reported its third-quarter profit climbed about 28 percent year on year, thanks to higher online advertising income and media coverage during the Beijing Olympic Games.

The Nasdaq-listed firm said third-quarter net was US$22 million, or 36 cents per share, up from 28 cents per share in the same period last year.

Total quarterly revenue surpassed US$100 million for the first time in the company's history to US$105.4 million, a 64-percent jump from last year. Advertising revenue surged 66 percent year on year to US$76.2 million, in line with the company's estimate between US$75 million and US$77 million.

"We are confident that Sina will remain competitive in the online advertising market due to growing Internet use and the shift of advertising from offline to online," said Charles Chao, chief executive of Sina.

Revenue from advertising in China hit US$75.2 million in the third quarter, a 68-percent expansion year on year, driven mainly by the shift of advertising to online media as well as the impact of the 2008 Beijing Olympics.

Revenue from mobile value-added service grew 63 percent year on year to US$27.1 million and contributed nearly 93 percent of non-ad revenue.

The company estimates its total revenue for the fourth quarter this year at between US$98 and US$101.0 million. The majority of its revenue is derived from online advertising and MVAS products.

ZenithOptimedia, a media service provider, last month said spending on Internet advertising is still growing at 23 percent a year, despite an economic downturn.

(Shanghai Daily November 14, 2008)