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NetEase posts 28% surge in net profit for Q1

May. 17, 2012 (China Knowledge) - NetEase Inc<NTES>, which operates one of China's leading web portals, today reported a higher-than-expected Y-o-Y growth of 28% in net profit in the first quarter, boosted by revenue from self-developed games.

The company's net profit was RMB 941.7 million in Q1, up from RMB 899 million in Q4 of last year and RMB 737 million in the same period of 2011.

Earnings per American depositary share rose to RMB 7.17 from RMB 5.63 in Q1 of last year.

The company's revenue reached RMB 2 billion in the quarter, up from RMB 1.5 billion in the same period of 2011 but slightly down from RMB 2.1 billion in Q4. Revenue from online games surged  31% YoY, and that from advertising business grew 13%.

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