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Netease Q1 2011 Profit Up 63% YoY

PR Newswire Asia, 5/19/11

Chinese internet company Netease (Nasdaq: NTES) today announced its unaudited financial results for the first quarter ended March 31, 2011. Total revenues for Q1 2011 were RMB 1.54 bln compared to RMB 1.19 bln for Q1 2010, an increase of 28.7% YoY.

Net income for the first quarter of 2011 rose 63.0% YoY to reach RMB 737.4 mln.

Revenues from online games increased 27.7% YoY to reach RMB 1.39 bln and revenues from advertising services were RMB 126.83 mln, up 38.5% YoY. Revenues from wireless value-added services (WVAS) and other business lines increased 42.2% YoY to reach RMB 25.68 mln.

CEO William Ding said a new expansion pack for self-developed 3D MMORPG Tianxia II was released in April 2011, and Netease plans to launch an advanced version of the game in the third quarter of 2011. Ding added that Netease is currently on schedule to release the next expansion packs for self-developed MMORPGs Heroes of Tang Dynasty and Westward Journey Online II during the second quarter of 2011, and the next expansion packs for self-developed MMORPGs Legend of Westward Journey and Westward Journey: Genesis during the third quarter of 2011. In view of the outstanding user statistics performance during the limited closed beta testing for self-developed 2.5D MMORPG Ghost in the first quarter, Ding said unlimited closed beta testing for the game began in April and Netease also plans to launch its next new expansion pack in the second half of 2011. Netease's new 3D turn-based MMORPG, Legend of Fairy, entered limited closed beta testing in early May. The game, set in a European-styled fantasy environment, is unlike traditional online games in that it permits players to freely change characters, skills and attributes, allowing for evolving combat experiences as the game progresses. Netease plans to proceed with its unlimited closed beta in the second half of 2011.

Netease also announced that Zhan Zhonghui has resigned from his position as Chief Operating Officer effective May 15, 2011 for personal reasons.

To view Netease's full earnings report, please click here.

Keywords: Westward Journey: Genesis HR Legend of Fairy Legend of Westward Journey Ghost Tianxia II Westward Journey Online II William Ding Zhan Zhonghui Netease Internet profit Heroes of Tang Dynasty MMORPG WVAS expansion pack NTES Q1 2011 online gaming self-developed game 3D game revenue fiscal report 3D game

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