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NetEase Q4 net profit up 15%

(Shanghai Daily )
Updated: 2007-02-27 16:49

NetEase.com, China's biggest online game firm, today reported net profit grew 15 percentyear-on-yearin the fourth quarter thank to its booming game business, even though it paid US$60 million to repurchase its shares from August to December.

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In the fourth quarter, NetEase's net profit was 320 million yuan (US$41.02 million). Its revenue reached 540 million yuan, a 10.9 percent growth from a year ago but a 5.5 percent drop from the previous quarter when students enjoyed summer vocation.

The company's annual revenue for whole 2006 was 2.22 billion yuan, a 30.9 percent growth year-on-year.

In 2006, NetEase's revenue market share fell to 24 percent from 27.6 percent in China's online game market, according to iResearch Inc.

Meanwhile, NetEase will launch the next generation of own-developed "West Journey'' game and search engine in the second quarter this year.