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Article Excerpt
SHANGHAI, Feb. 26 /PRNewswire-Asia-FirstCall/ -- Xinhua Finance Limited ("XFL", or "the Company", TSE Mothers: 9399; OTC: XHFNY), China's premier financial information service provider, today reported consolidated revenue for the year ended December 31, 2008, under International Financial Reporting Standards ("IFRS"), of US$279.4 million, an 8% increase over 2007. EBITDA was negative US$457.3 million and net loss was US$341.7 million. Proforma EBITDA, adjusted to exclude non-cash ESOP expenses and one-time items, was US$50.3 million versus US$52.0 million in 2007. Adjusting for the divestiture or discontinuation of certain businesses in 2008 and 2007, revenue from continuing operations increased 24%, from US$24.7 million in 2007 to US$30.6 million in 2008.
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Due mainly to the worsening economic environment, which has a direct impact on the Company's assessment of intangible asset values, in addition to the Company's...
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