Phoenix Satellite Television Holdings Ltd. provided earnings guidance for the year ended December 31, 2014. The board of directors of the company announced that based on a preliminary review of the financial results of the company, the group is expected to report a decline in its profit attributable to owners of the company for a range of approximately 24% to 32% for the year ended December 31, 2014 as compared to the year end of 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 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.