YY Inc. (YY) Thursday reported fourth-quarter net income attributable to shareholders of 1.15 billion Chinese yuan or $184.1 million, compared to a loss of 19.9 million yuan last year.
On a per ADS basis, net income for the quarter was 0.63 yuan or $0.10, compared to loss of 0.74 yuan last year.
The increase in net income attributable to shareholders was primarily attributable to a decretion to the convertible redeemable preferred shares redemption value of 1.41 billion yuan or $226.2 million in the fourth quarter.
Net income for the quarter was 33.2 million yuan or $5.3 million, compared to $4.0 million last year.
Adjusted net income attributable to shareholders was 1.17 billion yuan or $187.4 million, compared to $5.6 million yuan last year.
Net revenues more than doubled to 136.3 percent to 266.8 million yuan or $42.8 million from 112.9 million yuan last year, driven mainly by a 169.1 percent increase in revenues from internet value-added services or IVAS revenues.
For the first quarter, the company expects revenues of 280 million to 290 million yuan.
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