Huayi Brothers reports 2012 revenue of $223m

Huayi Brothers Media Corp’s annual revenue in 2012 reached 1.39 billion yuan ($223.8 million), posting year-on-year growth of 55.36 percent, the company announced on Tuesday. Net profit generated was 244.43 million yuan, up 20.47 percent compared with a year earlier.

The company said its film arm contributed significantly to its performance last year, with a year-on-year increase of 197.96 percent. During the period, Huayi released seven movies, including Love, The Painted Skin: Resurrection, Tai Chi 0, Tai Chi Hero and Back to 1942, and they produced 2.1 billion yuan in box office revenue on the Chinese mainland last year.

On top of this, Ourpalm Co Ltd, an online game developer and operator, which Huayi has invested in, has brought the company large investment gains.

The film production company predicted its net profit in the first quarter will be between 141 million and 149 million yuan, registering year-on-year growth of between 390 percent and 420 percent, largely due to ticket sales for Journey to the West: Conquering the Demons, which premiered on Feb 10.

The blockbuster has earned more than 1.2 billion yuan in box office receipts, and the date for it to be taken off movie theater screens has been postponed from March 10 to April 7, according to the company.