Leading Chinese Internet portal Sina Corp. said that its second quarter profit plunged 41 per cent.

Sina Corp.'s revenue dipped 1 per cent to settle at $90.3 million from $91.3 million previous year, beating projections of $85 to $89 million.

Company's advertising revenue plunged by 11.1 per cent. Still, Sina Corp. expects its third quarter revenue to remain between $91million and $94 million.

On the other hand, Sina Corp. informed on Tuesday that it was in talks to either extend the deadline or alter terms for its proposed $1.4 billion purchase of Focus Media.

The transaction is awaiting antitrust authorization from China's Ministry of Commerce.

Speaking on the topic, Sina Corp.'s CEO Charles Chao, said, "At this point we still think the idea of the merger of these two companies and to create a lot of synergies is a great idea and we are trying to make every effort to make this deal happen."

Both, Sina Corp. and Focus Media have been given time up to September 30 to either to extend their discussions or walk away.