Annual net profit surges for film production company

Huayi Brothers Media Group announced on Monday that its annual net profit last year is expected to reach between 635.5 million yuan and 684.4 million yuan, an increase of at least 160 percent from the previous year.

The private film production and distribution company saw significant growth in box office revenue from feature films, including Journey to the West: Conquering the Demons, and Personal Tailor. It also saw revenue growth in TV productions, its artist agency and in its movie theater business division.

In recent years, Huayi Brothers has taken up a market share of between 20 and 30 percent in the movie industry. In 2013, the studio raked in 3 billion yuan in ticket sales, an increase of more than 40 percent from the previous year.