(Yicai Global) Feb. 16 -- China's internet technology company NetEase Inc. [Nasdaq: NTES] posted a net profit of CNY4 billion (USD583 million) in the fourth quarter of 2016, an annual increase of 68 percent, based on non-US generally accepted accounting principles (GAAP). Its earnings increased thanks to online games sale, it said in a statement.
As one of the world's largest listed game companies, NetEase launched more than 40 new mobile games in 2016, achieving outstanding performance in the Chinese market. "In the fourth quarter, fueled by mobile games, the company's online game net revenue spiked by 62.8 percent; advertising service net revenue increased by 9.2 percent, and e-mail, e-commerce and other businesses net revenue grew 38.2 percent year-on-year," said company's CEO Ding Lei.
NetEase achieved net revenues of CNY12.099 billion in the fourth quarter of last year, with CNY8.959 billion contributed by online games.