Perfect World posts lower revenue, names co-CEO

Mon Aug 27, 2012 6:05pm EDT

Aug 27 (Reuters) - Chinese online game developer Perfect World Co Ltd reported lower quarterly results on lack of major launches and forecast current quarter revenue below analysts' expectations, sending its shares down 6 percent in after-market trade.

The company expects revenue of 643 million yuan ($101.2 million) to 686.3 million yuan in the third quarter, below analysts' average expectations of 764 million yuan, according to Thomson Reuters I/B/E/S.

Perfect World, known for its popular role-playing game "Legend of Martial Arts", also appointed Chief Operating Officer Robert Xiao to the newly created position of co-chief executive.

The company's second-quarter net income attributable to Perfect World shareholders fell to 158.2 million yuan, or 3.25 yuan per American Depository Share (ADS), from 316.6 million yuan, or 4.38 yuan per ADS, a year earlier.

Excluding items, the company earned 3.60 yuan per ADS.

Revenue fell about 13 percent to 676.4 million yuan.

Analysts had expected revenue of 686.3 million yuan.

Shares of the company fell to $9.90 in extended trade. They had closed at $10.52 on the Nasdaq on Monday.

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