NetEase achieves record net profits, report says

NetEase Inc, a leading China-based Internet technology company, achieved 1.06 billion yuan ($170 million) in net profits in the first quarter, according to an un-audited financial report.

Net profits grew by a record of 12.9 percent from the same period last year. The company brought in 2.3 billion yuan in gross income, representing a 12.7 percent year-on-year increase.

NetEase's video game sector earned a record 2.03 billion yuan, growing by 11.3 percent from the first quarter last year. Advertisements accounted for 166 million yuan and e-mail services brought in 65.4 million yuan.

"Our self-developed game portfolio is doing very well," said Ding Lei, CEO of NetEase.

"It will continue to serve as a driving force for this quarter's performance."