Tencent Posts Rise In Q4 Profit

reported a 50% gain in its net profit for the fourth quarter. Tencent's quarterly net profit surged to 5.86 billion yuan ($937 million), versus a year-ago profit of 3.91 billion yuan. Basic EPS came in at RMB0.632, while diluted EPS came in at RMB0.625. On n non-GAAP basis, basic EPS came in at RMB0.725, while diluted earnings per share was RMB0.717. Its revenue climbed 24% to 20.98 billion yuan versus 16.97 billion yuan, while revenue from online games jumped 41% to 11.96 billion yuan. Online advertising revenue rose 75%, while e-commerce transactions slipped 87%. Revenues from VAS business jumped 44% in the quarter. Mr. Ma Huateng, Chairman and CEO of Tencent, said, "During 2014, we made significant progress in a number of strategic initiatives that reinforced our leadership and enhanced our competitiveness. Our social platforms QQ and Weixin continued to innovate and grow. By leveraging our expertise in mobile Internet, we extended our leadership in games and online media, and made breakthroughs in emerging platforms such as online security, Android appstore, and mobile payments." Tencent shares gained 0.57% to close at $17.65 yesterday.