Kingsoft Corp net jumps to 117m yuan

Kingsoft Corporation (3888) said net profit skyrocketed by 17.6 times year-on-year to 117 million yuan (HK$912.6 million).

But net profit fell by 47 percent, from a quarter ago.

Revenue grew by 33 percent year-on-year to 1.56 billion yuan, but fell by 3 percent, quarter-on-quarter.

Online games and other income fell slightly to HK$789 million year-on-year and fell by 7 percent, quarter-on-quarter. The quarter-on-quarter drop was largely due to the natural declining life cycles of existing mobile games.

The overall gross profit margin was up by 1 percentage point to 84 percent year-on-year.

Chairman Lei Jun, said the quarterly “results signal a good start for the year as we continued to focus on office application services for governments, enterprises and individuals, and high-quality IPs and premium games. ''