Tencent Music Entertainment Q1 Earnings Surge

(RTTNews) - Tencent Music Entertainment Group (TME), an online music and audio entertainment platform in China, on Tuesday announced that net profit increased in the first quarter compared with the previous year.

For the first quarter, profit for the quarter attributable to the equity holders of the company increased 201.8 percent to RMB 4.29 billion, or $591 million, from RMB 1.53 billion in the prior year.

Earnings per share for Class A and Class B were RMB 1.39, or $0.19, versus RMB 0.46 last year.

Earnings per ADS was RMB2.77, or $0.38, up from RMB0.91 in the prior year.

On non-IFRS basis, net profit attributable to the equity holders of the company increased 24.6 percent to RMB 2.12 billion, or $293 million, compared with RMB 1.70 billion in the previous year.

Non-IFRS earnings per ADS were RMB 1.37, or $0.19, versus RMB 1.09 last year.

Eleven analysts, on average, had expected the company to report $1.32 per share. Analysts' estimates typically exclude special items.

Operating profit surged to RMB 4.84 billion, or $666 million, from RMB 1.96 billion in the previous year's quarter.

Revenue increased 8.7 percent to RMB 7.36 billion, or $447 million, compared with RMB 6.77 billion last year. Revenue from music subscriptions gained 16.6 percent to RMB4.22 billion or $581 million.

In the pre-market trading, Tencent Music is 2.09% higher at $14.63 on the New York Stock Exchange.