Huayi Brothers announces profit surge for 2013

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Huayi Brothers Media Group, one of China's leading film production companies, announced late on Wednesday that its annual net profit in 2013 surged by 172.23 percent year-on-year, reaching 665 million yuan ($107 million).

The listed film studio credited its stellar performance to expanding the scale of its main business, improving its film and TV series product quality, further advancing a full industry chain layout, and developing new sales channels and profit model.

During 2013, Huayi Brothers generated revenue of 2 billion yuan, registering a year-on-year growth of 45.27 percent. Its film business posted an increase of 76.42 percent from a year earlier, while the TV series arm grew 36.13 percent. The movie theater sector also saw year-on-year growth of 60.62 percent.

In its first-quarter financial forecast, the company expects a net profit of between 337.3 million and 385.5 million yuan, estimating year-on-year growth of 110 percent to 140 percent. It also expects stable and rapid growth momentum throughout the year.

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