May. 25, 2012 (China Knowledge) - Kingsoft Corp Ltd<3888>, one of the leading entertainment and applications software developers in China, yesterday posted RMB 90 million-net profit for the first quarter of this year, reflecting a sequential increase of 18% or a YoY increase of 32%.

In the reporting period, the Hong Kong-listed firm's operating revenue grew 3% quarter on quarter or surged 27% YoY to RMB 290 million.

About 65% of the revenue was derived from entertainment software business and reached RMB 191 million, up 1% sequentially or up 17% from a year earlier. The growth was principally boosted by increased paid member of its online game, named Legend of the Swordman, sources reported.

Revenue from application software surged 34% YoY to RMB 91 million.

As of Mar. 31, 2012, the company's debt/asset ratio was 25%, lower than 27% it had at the end of last year.

Kingsoft had US$22 million and HK$300 million in bank loans at the end of March 2012.