Out-of-home advertiser Clear Media (100.HK) recorded 2008 net profit to HK$166 million, up 17% from HK$142 million in 2007. Total revenues increased 26% year-on-year to HK$1.26 billion for the quarter, with bus shelter ad sales up 26% to HK$1.15 billion. Clear Media booked net profit of HK$68 million on revenue of HK$600 million in the first half of 2008.

About HK$50 million worth of company sales orders were cancelled in the second half of 2008 due to the macro environment and news that domestic milk powder contained melamine, a substance that can be harmful to humans if consumed, the company said. Clear Media recorded a one-time non-cash charge of about HK$14 million for terminating non-core business in the second half of 2008.

So far this year, the company has signed orders to meet about 40% of its 2009 sales target, a smaller percentage than recorded the same time last year.

Clear Media had 616 employees by the end of 2008, compared to 617 employees with 501 sales and marketing staff by the end of the first half of last year.