China’s Ourgame Made Losses Of CNY34.48 Million In 2009

The glow for online games in China might be dimming, as SeaRainbow Holding Corporation Limited, the owner of the Chinese online leisure game platform Ourgame, has revealed the financial statistics of Ourgame for the year of 2009, stating that the company lost over CNY34.48 million in 2009.

According to the statistics revealed in local media reports, Beijing Ourgame Computer Technology’s total operating revenue in 2009 was CNY24.89 million and it made net losses of CNY14.318 million. In addition, Ourgame Assets Limited, the overseas joint venture by SeaRainbow and NHN from South Korea, realized total operating revenue of CNY123 million and it made net losses of CNY20.166 million. With the combining of the two companies, Ourgame lost a total of CNY34.48 million in 2009.

This has been the second time for Ourgame to make losses since it opened its financial statistics. In 2007, Ourgame made losses of CNY21.69 in 2007; however, it gained CNY13.479 million in 2008.

The result is reportedly out of the expectation of the industry. In the first half of 2009, Beijing Ourgame Computer Technology reported profit of CNY647,000 and Ourgame Assets Limited gained CNY7.393 million, reaching total profit of CNY8.04. This also means, Ourgame made losses of CNY42.52 million in the second half of 2009, with losses of about CNY230,000 every day.

Prior to this, SeaRainbow predicted that Ourgame’s net profit will be between CNY7 million and CNY8 million in 2009. The company did not give any explanation for the dramatic losses of Ourgame.