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Giant Interactive Posts Online Game Financial Results For China

Chinese online game developer Giant Interactive Group Inc. announced its unaudited financial results for the second fiscal quarter ended June 30, 2010.

The company’s net revenue was CNY321.7 million, compared to CNY304.4 million in the first quarter 2010 and CNY364.1 million in the second quarter 2009. Gross profit was CNY274.8 million, compared to CNY259.3 million in the first quarter 2010 and CNY309.5 million in the second quarter 2009. Gross profit margin for the second quarter 2010 was 85.4%. Net income attributable to the company’s shareholders was CNY186.0 million, compared to CNY185.2 million in the first quarter 2010 and CNY231.9 million in the second quarter 2009.

Revenue from online games in the second quarter totaled CNY313.8 million, representing an increase of 6.4% from CNY294.8 million in the first quarter 2010 and a 13.1% decrease from CNY361.2 million in the second quarter 2009. Online game net revenue increased sequentially primarily due to the continuing recovery of ZT Online, as well as the contribution of recently launched games such as King of Kings III and XT Online. The company says the year-over-year quarterly decrease was due to the cancellation of select in-game monetization features during the third quarter 2009.

Total operating expenses for the second quarter 2010 were CNY94.2 million, representing an increase of 16.6% from CNY80.8 million in the first quarter 2010 and a rise of 25.5% from CNY75.1 million in the second quarter 2009. The sequential increase in operating expenses is mainly attributable to the increase in marketing activities for the promotion of new games.

Giant Interactive’s income tax expense for the second quarter 2010 was CNY20.0 million, compared to income tax expense of CNY21.6 million in the first quarter 2010 and income tax expense of CNY25.9 million in the second quarter 2009.

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