China's Top Film Companies Report Strong First Half Revenue, Earnings Growth Despite Stock Slide
Huayi Brothers, which is partnered with STX Entertainment on a multi-project deal, LeTV and Huace all report profit growth.
Against a background of stock market slump and anxiety over the outlook for the world's second largest economy, China's top private film companies have all reported healthy figures for the first half of the year.
The news could go some way to easing anxiety over the prospects for Hollywood in the world's second largest film market, after China's stock market lost all of its gains in the current year during a slide in the past few weeks, and the government devalued the yuan currency to boost exports.
The figures were all released in regulatory reports to the Shenzhen stock exchange.
Huayi Brothers, which last week signed a $4.7 billion deal with Ping An Bank to accelerate its multimedia entertainment business, chalked up a 35.41 percent net profit hike to $78.6 million in the first six months.
Revenue in the six months rose 167.26 percent to $193 million.
Huayi has produced more than 100 films in the past 21 years and was a major investor in Brad Pitt and Shia LaBeouf's Fury.
Film and TV production and distribution outfit Huace, which partnered with Arclight's Asian unit Easternlight on the female superhero movie Lights Out, reported revenues of $143 million, up 20.82 percent, while net profits were up 7.55 percent at $34 million.
Chinese video content provider LeTV, whose LeVision Pictures film unit is a growing force in production, reported a 51.79 percent in crease in revenue to $700 million, with net profit up 67.70 percent at 255 million at $39.76 million.
Alibaba Pictures, the film unit of Alibaba, is expected to file first-half figures shortly, while the private producer and distributor Bona will issue its second-quarter earnings report later on Wednesday (Aug. 26).