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Film Industry Booms in Q3: Huayi Brothers Revenue Up 70pc

2012-10-24 17:04:26        Chinese Films
Huayi Brothers Media Group Corp (300027.SZ) announced on October 19 its third quarter operating revenue was 259 million yuan ($41.4 million), up 71.72 percent from revenue in the same period last year.

Net profit in the third quarter was about 134 million yuan with a year-on-year growth of 31.19 percent. However, net profit distributed to shareholders decreased by 25.67 year-on-year to 28.76 million yuan.

Although the company said its blockbuster "Painted Skin 2" lost 660 million yuan due to piracy, the movie still pulled in 700 million yuan in box office receipts. Over the National Day holiday, "Taichi O" was the highest earner, reported China Daily.

The two films respectively brought investment of 52.6 million and 22.3 million yuan, becoming the main driving force for the revenue growth of Huayi Brothers. Considering "Taichi O" was launched on September 27, it will continue to bring in profit for Huayi Brothers in the fourth quarter.

Other Chinese film companies also performed well in the third quarter.

Huace Film & TV (300133.SZ) published its third quarter financial report on the same day. Total revenue in the first nine months of 2012 was 485 million yuan, increasing by 80.03 percent year-on-year; while net profit increased by 30.21 percent in the first 9 months to 160 million yuan.

Enlight Media (300251.SZ) also announced on October 11 its revenue in the first three quarters of 2012 reached 208 million yuan, increasing by 82.5 percent compared to revenue in the same period last year.

Source: Entgroup

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