Phoenix Satellite Television Holdings Ltd. provided consolidated earnings guidance for the six months ended June 30, 2014. For the period, the company expects to report a decline in its profit attributable to owners of the company for a range of approximately HKD 165 million to HKD 205 million as compared to the same period of year 2013. The expected decline in profit attributable to owners of the company was mainly due to: the exchange losses resulting from the substantial depreciation of Renminbi as compared to an exchange gain recorded during the same period of year 2013; the non-cash fair value loss on investment property under construction located in Beijing as compared to a substantial non-cash fair value gain recorded during the same period of year 2013; and a decline in the demand of luxury goods in China which has led to a decrease in the advertising income of the television broadcasting segment.