STOCKWATCH: Phoenix Satellite TV higher after results

HONG KONG (AFX-ASIA) - Phoenix Satellite Television Holdings Ltd shares were higher after the company released its nine months to March results, dealers said.

	    The results were in line with market expectations, with the company's business outlook remaining reasonably optimistic, they added.

	    At 11:29 am, Phoenix TV was up 0.08 hkd at 1.53 hkd on volume of 8.91 mln shares.

	    The Hang Seng Index was up 39.67 points at 13,298.84.

	    Mark Po, who covers Phoenix TV at Kim Eng Securities, said: "The results were pretty much in line with market expectations. While the company's business fundamentals remain strong, the company's outlook remains reasonably optimistic".

	    He said the net loss during the three months to March was also expected as the company booked most of its operating expenses for the launch of the Phoenix InfoNews Channel during the period, resulting in a sharp rise in its operating expenses.

	    The company reported nine months to March net profit of 87.83 mln hkd, again st 19.78 mln hkd in the corresponding period a year earlier.

	    It also reported a net loss of 9.73 mln hkd during the three months to March period compared with a net profit of 21.69 mln hkd a year earlier.

	    Phoenix TV said its operating expenses amounted to 140.72 mln hkd during the three months to March, against 96.72 mln hkd a year earlier.

	    Po said, however, that Phoenix InfoNews Channel could generate revenue of up to 200 mln hkd this calendar year. The channel, launched in January, is 

the only continuous foreign satellite television channel delivering financial news and current affairs in Putonghua to China.

	    Po said he has a 'hold' recommendation on the stock.

	    He said he is reviewing the company's target price

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