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Tencent net profits surge 43 pct in Q3

Xinhua, November 16, 2016 Adjust font size:

China's leading Internet firm Tencent announced Wednesday a year-on-year increase of 43 percent in net profits in the third quarter of 2016 due to strong growth in smartphone games and advertising.

The country's biggest social network and online entertainment company earned 10.6 billion yuan (1.6 billion U.S. dollars) of profits attributable to equity holders, according to unaudited financial results released by Tencent.

Revenues hit 40.4 billion yuan in the period, up 52 percent year on year, the company said.

Ma Huateng, chairman and chief executive officer of Tencent, said smartphone games and advertising businesses reported above-industry year-on-year revenue growth and continued to generate healthy margins.

Tencent saw online game revenues rise 27 percent year on year to 18.2 billion yuan in the third quarter, while income from performance-based online advertising jumped 83 percent year on year to 4.4 billion yuan.

Revenues from the company's social networks soared 58 percent year on year to 9.8 billion yuan, mainly driven by digital content subscription and virtual item sales.

The firm's online payment and cloud-based services also saw significant progress in adoption and usage, Ma said in a press release. Endi