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China's LeTV earnings soar in 2015

Xinhua, February 28, 2016 Adjust font size:

Earnings of Chinese online video website LeTV soared in 2015 thanks to brisk sales of its smart TV products, a preliminary earnings estimate showed on Sunday.

Leshi Internet Information & Technology Corp, or LeTV, reported 13 billion yuan (about 2 billion U.S. dollars) of total revenue in 2015, up 90.89 percent compared with a year earlier, according to the company's latest filings on the Shenzhen Stock Exchange.

Net income attributable to shareholders surged 59.04 percent year on year to 579 million yuan while earnings per share soared 55 percent to 0.31 yuan.

The company attributed the rise mainly to satisfying sales of its Internet TV devices, which met the annual sales target of 3 million.

The reported earnings are still subject to auditing before the release of the final annual report, the company said.

Founded in 2004, LeTV is an Internet company listed on the Shenzhen Stock Exchange with total market cap of more than 100 billion yuan.

Initially established as a video streaming site, the company also took advantage of its abundant video resources to make TVs and smartphones. It also announced plans to tap into the smart car industry in 2014. Endit