DOUBLE Q1 revenue drops 14%

Wuhan Double Co Ltd (DOUBLE), recently reported financial results for the quarter ended March 31, 2016. Their first quarter revenue has dropped by 13.94% to over 41.7 million yuan. 

The main part of Q1 revenue came from its sports business, according to the statement.

Double’s profit has grown by 199.39% annually to 0.46 million yuan in Q1 2016.

Wuhan Double Co Ltd is engaged in the trading of phosphate ores. The Company is also involved in the leasing, operation and management of student apartments.

In recent years, Double began to tap into the sports marketing business and TV production. Several TV series were still in the planning, production or post-production phrase, so the TV business contributed only a small part to Q1 revenue, according to the statement.

On 18th April, Double announced it would spend €39.5million to buy a 100% share of Nice International Sports Limited. It is also seeking control of the agency that represents Andres Iniesta and Luis Suárez. 

Source : Wuhan Double Co Ltd

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