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Tencent Music reports full-year 2018 profit of $272.7 million


(Reuters) – China-based music streaming company Tencent Music Entertainment Group on Tuesday reported a profit of 1.83 billion yuan ($272.7 million) for full-year 2018, in its first earnings report since going public.

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The company, controlled by Chinese tech giant Tencent Holdings Ltd, reported a net loss of 875 million yuan ($130.39 million) in the fourth quarter due to a one-off share-based accounting charge.

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Quarterly revenue rose 50.5 percent to 5.4 billion yuan ($804.7 million), beating the average analysts’ estimates of 5.29 billion yuan..

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