(Yicai Global) Aug. 18 -- Mango Excellent Media’s shares fell after the broadcaster and China’s only profitable long-form video platform said profit growth slowed in the first half from the same period in the previous two years due to a lack of breakout shows.

Mango Excellent Media [SHE: 300413] closed 3.3 percent down today at CNY51.55 (USD7.95), after slipping as much as 5.2 percent in morning trade. Since hitting a record high of CNY92.90 in January, the stock has retreated 45 percent.

Net profit climbed 32 percent to CNY1.5 billion (USD224 million) in the six months ended June 30, Shanghai-based Mango said in an earnings report released late yesterday. Earnings rose at a 37 percent clip a year earlier and 40 percent in the first half of 2019. Revenue rose 36 percent to CNY7.9 billion.

Among the firm’s three major businesses, Mango TV’s online video operations had revenue of CNY5.9 billion, up 46 percent. Content production income rose 19 percent to CNY985, while that of content e-commerce fell 2.4 percent to CNY931 million.

Mango TV did not disclose the number of its paid members in the first half. It had 36.1 million at the end of last year, almost doubling from the end of 2019.

The airing of popular variety show Call Me by Fire and quality dramas is expected to drive continued growth in membership revenue in the second half, Mango said.

Editor: Peter Thomas