Modern Media Holdings Limited provided group earnings guidance for the six months ended June 30, 2016. For the six months, the company announced that it is expected that the group will record a loss for the six months ended 30 June 2016 as compared with a profit recorded in the corresponding period in 2015. Based on the information currently available, the board considers that the group would record a loss for the reporting period is mainly due to the reduction in the group's advertising revenue attributable to the continued slowdown of the PRC economy as well as the weakening local consumption in the luxury and retail segments in the PRC, to which most of the group's principal advertising clients belong.