IT industry: NetEase net profit up 91%
(Shanghai Daily)
Updated: 2006-05-18 15:13 NetEase.com Inc, a major
Chinese Internet portal, reported yesterday a 91 percent year on year jump in
net profit in the first quarter thanks to the boom in online games, such as its
self-developed Fantasy Westward Journey.
The strong growth in net profit consolidated NetEase position as the most
profitable Internet firm in China when earnings at portals Sina Corp and
Sohu.com Inc dropped or were unchanged while rival Shanda Networking reported a
loss in the period.
NetEase's profit totaled 293 million yuan (US$36.63 million) in the first
quarter against 153 million yuan a year ago. Total revenues for the quarter grew
61.7 percent year on year to 529.8 million yuan. NetEase's online game profit
margin for the first quarter improved slightly to 90.7 percent from 89.0
percent.
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