Shanda 4Q profit up on sales

Shanghai-based Shanda Interactive Entertainment announced its fourth-quarter profit rose 13% after the company introduced a wide selection of game titles, Bloomberg reported. Revenues increased 49% to US$220 million. Shanda licensed games from outside developers to bolster revenues and win share from rival Tencent Holdings. Online game sales in China were up 30% last year, acccording to data from research company iResearch. Shares at online games unit Shanda Games rose 39%, according to a separate statement. Shanda Interactive sold a 29% share in the subsidiary to focus on other internet businesses. Shanda Interactive ADRs traded in New York rose 0.8% to US$45.30 following the news, but declined 14% this year.