Chinese online media company NetEase.com Inc. announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010.
Total revenues for the fourth quarter of 2010 were CNY1.7 billion, compared to CNY1.4 billion and CNY1.3 billion for the preceding quarter and the fourth quarter of 2009, respectively. Total revenues for fiscal year 2010 were CNY5.7 billion, compared to CNY3.8 billion for the preceding fiscal year.
Net profit for the fourth quarter of 2010 totaled CNY712.5 million, compared to CNY585.3 million and CNY571.8 million for the preceding quarter and the fourth quarter of 2009, respectively. Net profit for fiscal year 2010 totaled CNY2.2 billion, compared to CNY1.9 billion for the preceding fiscal year.
Broken down, revenues for the fourth quarter from online games were CNY1.4 billion for the fourth quarter of 2010, compared to CNY1.3 billion and CNY1.1 billion for the preceding quarter and the fourth quarter of 2009, respectively. Revenues for the fourth quarter from advertising services were CNY233.7 million for the fourth quarter of 2010, compared to CNY162.0 million and CNY183.7 million for the preceding quarter and the fourth quarter of 2009, respectively. Revenues from wireless value-added services and others were CNY23.3 million for the fourth quarter of 2010, compared to CNY20.9 million and CNY18.5 million for the preceding quarter and the fourth quarter of 2009, respectively.
NetEase.com recorded a net income tax charge of CNY83.2 million for the fourth quarter of 2010, compared to CNY91.3 million and CNY71.2 million for the preceding quarter and for the fourth quarter of 2009, respectively. The effective tax rate for the fourth quarter of 2010 was 10.3% as compared to 13.7% for the preceding quarter and 11.3% for the fourth quarter of 2009. The quarter-over-quarter effective tax rate decreased mainly due to a reversal of tax provision for the first three quarters of 2010 by a certain subsidiary of the company when it became tax-exempted for fiscal year 2010 during the fourth quarter of 2010. The year-over-year effective tax rate remained relatively stable.
As of December 31, 2010, NetEase.com’s total cash and time deposit balance was CNY9.5 billion, compared to CNY7.0 billion, as of December 31, 2009.
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