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NetEase reports net profit of $63.9m

Company claims to be taking advantage of the "unprecedented growth" in China's online gaming industry

NetEase, China's second biggest online games provider, has reported a jump in net profit for the second quarter of 2008 to CNY 438.2 million (USD 63.9 million), from CNY 312.6 million (USD 45.6 million) for the same time last year.

The company reported a rise in revenue to CNY 715.9 million (USD 104.4 million), compared with CNY 558 million (USD 81.3 million) for the second quarter of 2007. Revenue from online games were CNY 595.0 million (USD 86.8 million) compared year-on-year to CNY 475.1 million (USD 69.3 million).

Revenues from advertising services were CNY 103.9 million (USD 15.2 million) compared with CNY 65.3 million (USD 9.5 million) for the same time last year, while revenues from wireless services and others were CNY 16.9 million (USD 2.5 million), down from CNY 17.5 million (USD 2.6 million) for the second quarter of 2007.

"We experienced a strong second quarter due to solid execution in our online gaming and advertising businesses. We believe that China's online gaming industry is in the midst of unprecedented growth and NetEase is very well-positioned to benefit from this trend," said William Ding, CEO and director of NetEase.

NetEase recently announced a deal with Blizzard to bring some of the publisher's key properties to China, including StarCraft II and

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