Shanda net profit in Q4 up 13%
By Zhu Shenshen |
March 2, 2010, Tuesday
|
Print Edition
Print Edition
SHANDA Entertainment Ltd's net profit jumped an annual 13 percent in the fourth quarter, thanks to a wider selection of game titles in China, the country's second-biggest online games provider said yesterday.
The company's game unit, Shanda Games Ltd, also announced yesterday a US$150 million share repurchase plan over two years.
In the fourth quarter, Nasdaq-listed Shanda's net earnings climbed to 369.3 million yuan (US$54.1 million), or 5.3 yuan per American depositary receipt, from 326.5 million yuan, or 4.7 yuan, a year earlier. But the firm's profit was lower than analysts' expectations of 397 million yuan.
Shanghai-based Shanda's revenue jumped 49 percent to 1.51 billion yuan in the period.
Shanda licensed games including Aion from outside developers to bolster revenue from in-house developed titles such as "The World of Legend" in a bid to lure players from bigger rival Tencent Holdings Ltd.
The revenue of Shanda Games surged 39 percent to 1.34 billion yuan in the fourth quarter, according to a separate statement. Shanda, the parent, sold a 29 percent stake in the games subsidiary in September in order to focus on other Internet businesses such as music and literature.
On the share repurchase, Shanda Games may execute its plan by using block trades or derivatives, a statement said.
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