Huayi Profits Set to Climb

'Detective Dee' sequel hit will boost next quarter

HONG KONG — Huayi Brothers Media, currently China’s largest listed film company, revised the guidance for its upcoming third quarter financial results.

The company, which has a December year end, said that third quarter results may show a more than 200% increase on last year and that it may report net profits in the range of RMB403 – RMB430 range ($65 million – $70 million).

However it explained that a significant portion came from investment gains and that profits earned in the third quarter itself may actually have declined.

It pointed to strong revenues from Tsui Hark’s “Young Detective Dee: Rise of the Sea Dragon.” The fantasy action film has grossed RMB544 million ($88 million) at the mainland Chinese box office as of Monday Oct. 14, but explained that only four days of its revenues fell into the third quarter.

With its shares at RMB34.1 apiece Huayi Brothers has a market capitalization of RMB41 billion, or $6.71 billion.

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