Chinese online game developer and operator Perfect World Company Ltd. announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2008, and has proven that its business model is currently not feeling so many the strains of the global financial crisis, though it did post a quarterly net income fall.
"Despite the global economic slowdown, 2008 was a great year for us and I am very proud of our continued growth," commented Michael Chi, chairman and CEO of Perfect World.
Perfect World's total revenues for the fourth quarter were CNY417.8 million, an increase of 9.4% from the third quarter of 2008 and 61.7% from the fourth quarter of 2007. Gross profit was CNY368.5 million, an increase of 10.1% from the third quarter of 2008 and 67.7% from the fourth quarter of 2007. However, operating profit was CNY149.5 million, a decrease of 25.2% from the third quarter of 2008 and an increase of 8.8% from the fourth quarter of 2007. Net income was CNY124.8 million, a decrease of 37.2% from the third quarter of 2008 and a decrease of 14.7% from the fourth quarter of 2007.
The company's total revenues for the fiscal year were CNY1.44 billion, an increase of 108.6% from fiscal year 2007, and net income was CNY646.5 million, an increase of 78.6% from fiscal year 2007.
Total revenues for the first quarter of 2009 are expected to be between CNY376 million and CNY397 million. This represents an increase of 24% – 31% on a year-over-year basis and a decrease of 5% – 10% on a sequential basis.