NetEase's profit increases

By Ding Yining | August 13, 2009, Thursday |

Online Edition

NETEASE Inc said its second quarter profit increased nearly 7 percent with strong revenue in online game sector.

Net profit was US$68.5 million, or US$53 cents per share, compared to US$64.2 million in the same period last year, which represent a 6.7 percent year-on-year increase, the company said in a statement today.

Revenue rose 22 percent to US$127.7 million from US$104.8 million in the same period last year.

Revenue from online gaming rose 31 percent year on year to US$114 million, accounting for 89 percent of its total revenue in the second quarter.

Online marketing service contributed US$10.7 million, up 78 percent quarter on quarter but 30 percent less than for the same quarter last year.

"Online advertising revenue improved due to the increasing advertising spending as a result of the country's stimulus plan as well as the company's efforts in making better portal content," said William Ding, director and CEO of NetEase.

The company is still waiting for the approval of the content of World of Warcraft from the General Administration of Press and Publication. The Beijing-based company won the licence to host the popular role-playing game by Blizzard Entertainment for three years in mainland China in April, which was originally owned by rival The9 Ltd.

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NetEase's profit increases

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