(Yicai Global) Dec. 18 -- Shares of Focus Media Information Technology soared after the outdoor advertising giant said profit is expected to have doubled this year due to a quick rebound in demand for marketing services in China.

Focus Media [SHE: 002027] surged in the morning by the daily 10 percent limit to CNY10.29 (USD1.60), and ended the day at that price.

Net profit is likely to come in at between CNY3.9 billion and CNY4.3 billion (USD596 million and USD657 million) for the 12 months ending Dec. 31, the Guangzhou-based company said in a statement yesterday. Chinese firms generally report their annual earnings in February.

In the first quarter, the firm known for its elevator ads made its first loss since listing on the mainland stock market in August 2004. But nine-month profit jumped 62 percent from a year earlier to CNY2.2 billion.

Though China's advertising sector was dented by the impact of the coronavirus pandemic in the first half, Focus Media’s business has picked up along with the nation’s economy and the rapid growth of emerging consumer products, it said.

Editor: Emmi Laine