Huayi Brothers Media Corp, one of China's largest film producers, announced on Friday that it expects net profits in the first half of the year to reach between 390.34 million yuan ($63.63 million) and 421.99 million yuan, up between 270 percent and 300 percent year-on-year.

The company said that the surge in performance during January-June period mainly comes from the significant box office revenue created by the blockbuster Journey to the West: Conquering the Demons, which was released during the Chinese Spring Festival.

Growth generated by businesses, including TV series, artists management and movie theaters, also played a part as did selling shares in online game developer and operator, Ourpalm Co Ltd.

As the leading private film corporation in China, Huayi Brothers has produced 1.7 billion yuan in box office receipts in the first half of the year, and Wang Zhongjun, chairman of Huayi Brothers, said that the annual figure is expected to exceed 3 billion yuan.

Last year, it generated 2.1 billion yuan in ticket sales, and industry insiders expected the figure will increase by 43 percent in 2013 year-on-year.