NetEase Cloud Music sees interim net profit increase twofold to 1.89b yuan

NetEase Cloud Music (9899) posted an interim net profit of 1.89 billion yuan (HK$2.07 billion), doubling from the previous year.

The company's revenue decreased by 6 percent to 3.83 billion yuan, dragged down by the 43.1 percent decline in social entertainment services and other businesses.

Its subscription-based membership revenue jumped 15.2 percent to 2.47 billion yuan compared to the same period last year, primarily driven by an increase in its subscriber base, the company said.

HELEN ZHONG