Kingsoft Announces 2011 Third Quarter Results
Posted on 2011-11-25 09:52:55 BJT, by Kingsoft
Hong Kong, Nov 24, 2011 - ( ACN Newswire ) - Kingsoft Corporation Limited ("Kingsoft" or the "Company"; SEHK:3888), a leading entertainment software, Internet security and application software developer, distributor and service provider in the PRC, announced its unaudited results for the three months ended 30 September 2011.
During the period under review, Kingsoft recorded an increase in both revenue and profit compared with the corresponding period last year. Revenue increased by 6% year-over-year to RMB242.7 million and gross profit increased by 4% year-over-year to RMB205.9 million. Profit attributable to owners of the parent decreased by 12% year-over-year to RMB74.9 million. Selling and distribution expenses decreased by 3% year-over-year to RMB33.6 million during the period under review. As at 30 September 2011, cash and cash equivalent amounted to RMB1.84 billion. Revenue from the entertainment software business and the application software business represented 68% and 32% respectively of total revenue in the third quarter.
Dr. Hongjiang Zhang, Chief Executive Officer of Kingsoft, commented, "The past quarter was a challenging one for Kingsoft as we chose to extend the testing cycle of our new games and devote more resources to fine tune our major new game 'Legend of Moon', with the target to achieving long-term sustainable growth of new games. The slowdown of new product releases, the adverse impact of summer vacation in China and sizable R&D investments in mobile application only have a short term effect on our revenue and profits during the period."