China's Shanda Interactive profit up 44 percent

 @ibtimes
on February 28 2010 8:56 PM

Shanda Interactive Entertainment , China's No. 2 online game company, said on Sunday its fourth-quarter profit rose 44 percent, as revenue jumped to a record high in China's booming online game market.

Despite the record revenue, Shanda's quarterly profit of $60.8 million, or 20 cents per ADS, was still its weakest in three quarters, reflecting intense competition in China's online game market.

Quarterly profit was up 44 percent from last year, and up 38 percent on a per share basis.

China is one of the world's fastest growing online game markets, with about 80 million gamers in a market worth about $4 billion. Shanda competes in the market with the likes of NetEase , Changyou and Tencent <0700.HK>.

(Reporting by Doug Young; Editing by Anshuman Daga and Diane Craft)

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