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Huayi Brothers Media expects 50% up in H1 profit

Jul. 13, 2012 (China Knowledge) - Huayi Brothers Media Corp, the largest movie studio in China, expects its net profit to grow between 50% and 70% YoY to RMB 95.47 million and RMB 108.2 million in the first half of this year.

The Shenzhen-listed company attributed the strong growth in net profit due to the steady development of its core business, the large increase in foreign investment income and good box-office results for its new movie, Painted Skin 2.

As of July 8, the Painted Skin 2 had generated about RMB 530 million in box-office tickets since it first released on June 28, 2012.

Last year, the movie studio saw its operation revenue decline 16.73% YoY to RMB 892 million. However, its current net profit could grow 36% from a year earlier to RMB 203 million.

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