Chinadotcom (Nasdaq: CHINA) was down 3 U.S. cents at $3.38 Wednesday morning after reporting a loss for the fourthquarter ended December 31st.
The Hong Kong-based portal company reported revenue for the quarter of $34.4million, up from $10.9 million in the same period a year earlier. The netloss totaled $133.2 million, or $1.30 per share, compared with a loss of$13 million, or 3 cents, in the year-earlier quarter.
Latest-quarter results included $109 million of charges relating towritedowns and declining values of investments.
Chief executive officer Peter Yip said the company continues to operate inan “extremely challenging and difficult environment.” While Chinadotcom wasable to grow revenue and build its brand during the past year, it has not reached its productivity goals, he said.
A global economic slowdown and related decline in information technologyspending will continue to affect the company’s performance, said Yip. Thecompany said it is taking steps to improve performance, gainmarket share and build strategic partnerships.
Chinadotcom reported third-quarter revenue of $36.5 million, up 20 percentfrom the second quarter. During the same period, the company’s operatingloss widened to $28.5 million from $23.14 million, and the net loss grew to$20.54 million from $14.58 million.
The company recently cut 4 percent of the staff at its Web Connectiondivision in order to cut costs.
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