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Eachnet denies Sina buy report
5/11/2004 18:14

Jane Chen / Shanghai Daily news will not purchase the key rival, its chief executive officer Sun Deli said yesterday as quoted by
Sun was clearing a recent message circulating on the market at a press conference when the company published its third quarter financial report for this year.
"It's totally a rumor", he said, adding that "Eachnet has not conducted any talks for merges or acquisitions with Sina".
Both Eachnet and Sina are Nasdaq-listed Chinese-language portal websites.
According to Eachnet's quarterly financial report, in the previous three fiscal months, the dotcom company has recorded growths of 15.4 percent and 11 percent respectively in gross revenue and net profit compared with the same period of last year.  Its total income reached US$28.8 million.
The financial report attributed the profit growth to the good market reactions to Eachnet's two self-development online games and the regaining advertising business.
Upbeat about the online game business, Eachnet plans to introduce a new game in January, with which it expects to bring the total income in the fourth quarter to between US$32 billion and US$32.8 million, the report said.
The company's chief operation officer Dong Ruibao also expects a growth in wireless value-added business in the following two quarters, the report said.