Perfect World Shares Jump Most Since 2007 on Earnings
Perfect World Co. (PWRD), a Beijing-based online-game developer, jumped the most since 2007 in U.S. trading after reporting fourth-quarter net income that was almost double the average of analysts’ estimates.
American depositary receipts of Perfect World surged 18 percent to $14.75 by 10:54 a.m. in New York, the biggest jump among companies on the Bloomberg China-US 55 Index (CH55BN) of the most- traded Chinese companies in the U.S. The ADRs earlier soared as much as 27 percent to $15.88, the biggest intraday advance since July 2007.
Profit for the last quarter of 2011 more than doubled from a year ago to 260 million yuan ($41 million), or 5.45 yuan per ADR, the company said in a statement today. Adjusted net income was 5.94 yuan per ADR share, beating the 3.53 yuan average estimate of four analysts compiled by Bloomberg.
Sales for the quarter rose 32 percent from a year earlier to 776.4 million yuan, Perfect World said. That compared with analysts’ forecast of 712.5 million yuan and the company’s previous prediction of 716 million yuan.
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