(Yicai Global) March 17 -- Huya posted a 63 percent increase in net profit for last year, despite tougher competition. The leading e-sports live-streamer also said it anticipates viewer numbers to jump further because of the coronavirus contagion.

Net profit was CNY749.9 million (USD106.8 million) in the 12 months ended Dec. 31, the Guangzhou-based company said in an earnings report published yesterday. Revenue rose 79.6 percent to CNY8.37 billion (USD1.19 billion).

Revenue climbed due to a 300,000 increase in paid users to 5.1 million by the end of the fourth quarter, as well as a boost in their average spend. Income from live streaming rose 63 percent in the fourth quarter from a year earlier. 

Amid the Covid-19 epidemic, the number of monthly average mobile users should reach a record high of 70 million in the first quarter, according to Chief Executive Dong Rongjie. The company rolled out an education channel last month amid school shutdowns. In the fourth quarter, it had a total of 150 million MAUs, including PC users.

"As a leading online destination for China's enormous gaming population, we believe in the resilience of Huya's business under the Covid-19 outbreak," Dong said.

Huya is dealing with an increasing number of rivals as ByteDance Technology's Douyin, the Chinese version of TikTok, and Kuaishou Technology's eponymous platform launched their own live streaming sections in 2019. Kuaishou had over 100 million daily active users for the real-time service by the end of last year, according to the Beijing-based firm.

New players have rolled out campaigns to attract more content creators but Huya can maintain its profit growth by relying on its solid remuneration policies, the company's managers said on an earnings call yesterday. Live streamers would also need to bear the cost of changing platforms, they added. 

Huya's shares [NYSE:HUYA] fell 6.2 percent yesterday to USD14.44 as the Dow and S&P 500 Index fell further into bear market territories. Its earnings report came out after the close of trading. The company went public in May 2018, raising USD180 million.

Editors: Dou Shicong, Emmi Laine