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NetEase.com’s Online Games Continue Adding Revenue In China

Chinese Internet firm NetEase.com Inc. announced its unaudited financial results for the second quarter ended June 30, 2011.

Total revenues for the second quarter of 2011 were CNY1.8 billion, compared to CNY1.5 billion and CNY1.3 billion for the preceding quarter and the second quarter of 2010, respectively.

Revenues from NetEase.com’s online games were CNY1.6 billion for the second quarter of 2011, compared to CNY1.4 billion and CNY1.2 billion for the preceding quarter and the second quarter of 2010, respectively. Revenues from advertising services were CNY169.6 million for the second quarter of 2011, compared to CNY126.8 million and CNY145.9 million for the preceding quarter and the second quarter of 2010, respectively. Revenues from NetEase.com’s wireless value-added services and others were CNY30.7 million for the second quarter of 2011, compared to CNY25.7 million and CNY19.9 million for the preceding quarter and the second quarter of 2010, respectively.

Gross profit for the second quarter of 2011 was CNY1.2 billion, compared to CNY985.0 million and CNY870.9 million for the preceding quarter and the second quarter of 2010, respectively. Net profit for the second quarter of 2011 totaled CNY772.5 million, compared to CNY737.4 million and CNY485.7 million for the preceding quarter and the second quarter of 2010, respectively.

The company says it recorded a net income tax charge of CNY92.4 million for the second quarter of 2011, compared to CNY37.2 million and CNY75.5 million for the preceding quarter and for the second quarter of 2010, respectively. The effective tax rate for the second quarter of 2011 was 10.9%, compared to 4.8% for the preceding quarter and 13.4% for the second quarter of 2010.

NetEase.com’s various principal subsidiaries enjoyed the preferential enterprise income tax rate of 15% as High and New Technology Enterprises from 2008 to 2010. These subsidiaries are currently in the process of applying to renew the HNTE qualification and expect to be able to retain this qualification for 2011 to 2013 as the qualification criteria remain unchanged.

As of June 30, 2011, the company’s total cash and time deposit balance was CNY11.1 billion, compared to CNY9.5 billion, as of December 31, 2010.

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