Shanda's games playing profitably

By Ding Yining | June 3, 2009, Wednesday |

Online Edition

Shanda Interactive Ltd, the leading interactive entertainment media company, said its revenue exceeded previous predictions with a strong performance of its online game business.

"Shanda will continue its strategy of being a provider of centralized platform and decentralized content," said Tianqiao Chen, chairman and CEO of Shanda.

Profit for the first quarter registered a 10.6 percent quarter-over-quarter increase and a 25 percent year-on-year increase to 361.0 million yuan (US$52.8 million), or US$0.78 per share.

Revenue for the first three months of the year rose 42 percent from the same period last year to US$162 million. Revenues from multi-player online role-playing games jumped 47.4 percent from the year-earlier period and contributed 85 percent of total revenue.

"The spin-off of Shanda's online game department is consistent with our strategy of becoming an interactive entertainment service provider," Chen said at a conference call today when asked about the potential initial public offering of Shanda Games Ltd.

Shanda has submitted a statement to US Securities and Exchange Commission for an IPO of the online game operator on May 25. The number of shares proposed to be sold and the amount of capital to be raised has not been revealed.

"We'll also strengthen the online music sector by increasing our investment and acquisition," Chen added. He didn't reveal details of the investment plan.

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Shanda's games playing profitably

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