Business / Companies

NetEase's Q1 gross profit at 1.7b yuan

(Xinhua) Updated: 2014-05-15 14:53

BEIJING - Gross profits of NetEase, Inc, one of China's leading Internet and online game providers, reached 1.7 billion yuan ($275 million) in the first quarter of 2014.

The gross profit was up from 0.6 billion yuan a year ago, the Nasdaq-listed Chinese firm said in its unaudited financial results for Q1. Total revenue increased by 11.6 percent year on year to 2.5 billion yuan.

Online games continue to fuel the company's business, William Ding, Chief Executive Officer and Director of NetEase, said in the report on the company's website.

Revenues from online games posted slower growth in the first quarter, adding 6.3 percent, compared with 47.9 percent growth in advertising revenue and 81.4 percent growth in e-mail, e-commerce and others revenues.

As of March 31, 2014, NetEase had more than 650 million e-mail users and there were 240 million installations of its leading Mobile News application.

The board of directors has approved a new quarterly cash dividend policy beginning this year and the firm will be issuing a dividend of $0.34 per share for the first quarter.

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