Tencent profit soars 43%, driven by online services

Chinese internet services provider Tencent Holdings Ltd posted a hefty increase in net profits for 2016, citing its strategy to connect its online services as the main success driver.

The company behind the WeChat instant-messaging app said the profit attributable to its equity holders for the year ended Dec 31 surged 43 percent to 41 billion yuan ($5.95 billion), from 28.8 billion yuan a year earlier. Revenues swelled 48 percent to 151.93 billion yuan from the previous year's 102.86 billion yuan.

The company attributed the growth to smartphone games, social and performance advertising, digital content sales and emerging businesses such as payment-related services.