China Digital TV Holding Co. Ltd. (STV) has reported an 1,916.36 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $46.34 million, or $0.76 a share in the quarter, compared with $2.30 million, or $0.04 a share for the same period last year. On an adjusted basis, net profit for the quarter was $46.94 million, when compared with $2.33 million in the last year period. Revenue during the quarter plunged 34.79 percent to $0.78 million from $1.19 million in the previous year period. Gross margin for the quarter contracted 2059 basis points over the previous year period to 24.42 percent.
Operating loss for the quarter was $2.75 million, compared with an operating loss of $2.66 million in the previous year period.
"Last year was a meaningful year in the development of our company. Given the saturation of the Conditional Access (“CA”) market and our strategic concentration on emerging and diversified opportunities, we decided to sell our traditional CA and CA related businesses," commented Mr. Jianhua Zhu, China Digital TV’s chief executive officer. "For our emerging cloud business, we continued to witness solid growth momentum during 2016, primarily driven by rapid customer expansion. In particular, in the fourth quarter of 2016, we further expanded our geographic footprint to Shandong province through a partnership with Shandong Cable TV which covers over 20 million provincial users. In 2017, we will continue to optimize our operation and strengthen our involvement in our current partnerships, as well as expand into other growth opportunities."
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