Giant’s profit soars 270%
Print Edition
NEW York-listed Giant Interactive posted a nearly 270 percent surge in net profit year on year in the first quarter as users spent a longer time playing games, the Shanghai-based company said yesterday.
The company earned a net profit of US$194 million, a 269.9 percent jump year on year, including an investment income of US$144.7 million from the sale of interest in Yunfeng Fund.
Giant’s revenues inched up 0.4 percent to US$92.52 million in the quarter.
Liu Wei, CEO of Giant, said in a statement: “The high engagement and playing time demonstrate the enjoyment and loyalty our users experience in our games.”
Meanwhile, Giant intends to expand in the mobile and web game business after it delists, probably later this year. It said two weeks ago that it would launch more than 10 mobile games by the end of this year.
In March, Giant said it would be taken private by its parent in a US$3 billion purchase.
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