HenryTo
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Joined: 06 Aug 2004
Posts: 11732
Location: Los Angeles, California
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 Posted: Tue May 17, 2005 12:13 am Post subject: China's Shanda Posts Higher 1Q Profit |
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Online gaming in China as hot as ever:
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China's Shanda Posts Higher 1Q Profit
Monday May 16, 5:20 pm ET
China's Shanda Posts Sharp Rise in First-Quarter Earnings on Improved Margins, Higher Sales
NEW YORK (AP) -- Chinese online games operator Shanda Interactive Entertainment Ltd. said Monday that first-quarter earnings rose sharply year-over-year, due to improved margins and higher sales.
Net income rose to $26.6 million, or 36 cents per American depositary share, in the latest quarter, from $8.7 million last year. Net revenue more than doubled year-over year to $60 million.
Analysts surveyed by Thomson Financial were looking for profit of 33 cents per share on sales of $54.1 million.
Online games revenue shot up to $53.3 million, accounting for 88.9 percent of total revenue. Gross profit margin increased to 71 percent from 67.1 percent in the fourth quarter of 2004.
"We continue to deliver strong growth in our online game business, which in turn is driving higher profit margins as our platform enjoys the benefits of scale," said Tianqiao Chen, chairman and CEO.
Shanda shares rowse $1.52, or 4.7 percent, to close at $33.89 on the Nasdaq, and then dropped 34 cents to $33.55 in after-market activity. |
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