VisionChina Media Inc. (Nasdaq: VISN) announced its unaudited third quarter financial results, ending Sept. 30. The company, one of China’s largest out-of-home digital television advertising networks on mass transportation systems, announced total third quarter revenue of $33.2 million, an increase of 18.2 percent from the previous quarter.

Operating loss for the quarter was reported at $12.6 million, down from an operating loss of $200.8 million in the second quarter of 2012.

“The recent restructuring of our Shanghai subway contract was an important step in our overarching plan to optimize our media resources and to control costs associated with our media platforms,” said VisionChina chief financial officer Stanley Wang in a press release.

At the end of October the company announced its affiliate Beijing Eastlong Advertising would be terminating and renegotiating its contract with Shanghai Metro Television Company Limited.

VisionChina ended the day trading 3.91 percent lower, at .221 according to NASDAQ, though the stock is in an improved position from the .211 a month ago, but still far from the 1.00 price it had in June.