Asiaray Media Group Limited provided group earnings guidance for the six months ended June 30, 2015. For the period, the group is expected to record an approximate 4% increase and 70%-80% decrease in its revenue and net profit after tax, respectively as compared with that of the corresponding period in 2014, and, accordingly, the group expects the profits attributable to shareholders shall be significantly lower than that of the corresponding period in 2014. The increase in revenue was the net effect of (i) the increase in revenue from the metro media segment by an estimate of approximately 16%, primarily contributed by improved sales performance of businesses in Hong Kong and Shenzhen as well as additional revenue from new businesses in Wuxi and Ningbo incepted in the middle of 2014; and (ii) the decrease in revenue contributed from the airport media segment by an estimate of approximately 6%, mainly due to the worsened economic slowdown particularly in retail and properties markets in China and contracted advertising spending from top-tier brands and state-owned enterprises sectors in both Hong Kong and China.

The decrease in net profit after tax was a composite effect of aforesaid decrease in revenue contributed from airport media segment, and an estimated increase of approximately 30% in the cost of revenue of the Group. Such increase was mainly due to (i) the new media projects of five metro lines incepted since the middle of 2014 that were still in their ramp-up stage; and (ii) one airport media project for which the concession contract was renewed in the first half of 2015, as a result of the expansion of media resources in this airport whilst the corresponding revenue had not been accelerated to a similar extent due to the aforesaid market factor.