Huayi Brothers revenue up 70% in Q3

Huayi Brothers Media Group Corp third-quarter revenue was 259 million yuan ($41.4 million), up 71.71 percent year-on-year, thanks to its box-office income growth, the company said on Friday.

Net profit distributed to shareholders was 28.76 million yuan, down 25.67 year-on-year.

Although the company said its blockbuster Painted Skin 2 lost 660 million yuan due to piracy, the movie still got 700 million yuan in box office receipts. Another movie, "Taichi 0" was the highest earner during the National Day holiday.

The company's net profit declined in the third quarter due to higher sales and management costs, an official from the company said.

"We opened seven cinemas this year, which lead to a sharp increase in expenses," the official said.