Chinacache International Q4 Loss Narrows, Stock Rises - Update

(RTTNews) - Chinacache International Holdings Ltd. (CCIH), a provider of Internet content and application delivery services, Wednesday reported a narrower loss for the fourth quarter, supported by higher revenues. The stock gained over 6 percent in the extended trade.

Net loss attributable to ordinary shareholders narrowed to 11.89 million yuan ($1.97 million) from 26.67 million yuan in the previous year.

Net loss per American depositary share or ADS for the fourth quarter of 2013 was 0.52 yuan ($0.09), compared to a loss of 1.17 yuan last year. Each ADS represents 16 ordinary shares of the company.

Adjusted net loss was 5.0 million yuan, while it totaled a loss of 19.9 million yuan last year.

Net revenues in the fourth quarter jumped 50.8 percent to 339.4 million yuan ($56.1 million) from 225.02 million yuan in the prior year.

According to the company, growth in net revenues was across ChinaCache's business, specifically from the Internet & Software, Media & Entertainment and Ecommerce verticals.

Looking ahead, ChinaCache currently expects to generate total net revenues ranging from 303.0 million yuan to 308.0 million yuan for the first quarter of 2014, representing 31.3 to 33.5 percent increase year-over-year.

CCIH closed down around 4 percent at $24.31 on Wednesday, but climbed 6.4 percent in the extended trade.