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Tencent 1Q net profit rises 17% on year

Tencent on Wednesday reported a 17% increase in net profit for the quarter ended March. 

HONG KONG (Nikkei Markets) -- Chinese internet services major Tencent Holdings on Wednesday reported a 17% increase in quarterly profit, helped by stronger revenue from payments and advertising related services even as gaming revenues weakened.

Net profit for the first quarter ended March climbed to 27.21 billion yuan ($3.96 billion) from 23.29 billion yuan a year ago, the Shenzhen-based company said in an exchange filing. Revenue increased 16% to 85.47 billion yuan.

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