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Tencent sees business boom with H1 2013 sales up 38% to $4.5 billion

Tencent sees business boom with H1 2013 sales up 38% to $4.5 billion
Chinese internet company Tencent (HKG:0700) has announced its audited consolidated result for the six months ending 30 June 2013.

Half year revenue was $4.52 billion (RMB 29.7 billion), up 38 percent year-on-year.

Profits were $1.3 billion, up 28 percent.

All parts of Tencent's business performed well with value-added services up 25 percent, online advertising up 51 percent and ecommerce up 155 percent.

TalkTalk

"The second-quarter performance was driven by our online games and advertising businesses, resulting in a solid financial performance, including healthy profits and free cash flow growth on year-on-year basis," said CEO and chairman Ma Huateng.

He particularly pointed to the increasing usage of Tencent apps such as its Twitter-like Mobile QQ, its blogging service Mobile Qzone, and the Weixin/WeChat mobile messaging network

"Our recent launch of the first mobile game integrated with Mobile QQ and Weixin (WeChat) generated widespread user excitement, exhibiting our platform strength, highly engaged social community and game execution capability," Huateng commented.

"We will continue to increase our investment in mobile apps in order to reinforce our position in China, and to extend our presence to international markets through WeChat."

Tencent ended the period with cash worth $5.1 billion.

[source: Tencent IR]
Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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