Huayi Brothers announces profit surge for 2013

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.