Tencent post 69% Q4 profit

Internet portal Tencent Holdings posted a 69% rise in quarterly earnings as strong community sales and gaming revenue offset weakness in online advertising growth, Reuters reported. Tencent, which runs China’s largest online messaging community "QQ", said it believes its diversified business model puts the firm in a more resilient position compared with other industries, but admits it is not immune to the economic crisis. "Our online advertising business has already been affected by the downturn towards the end of the fourth quarter when advertisers reduced their spending under a worsening economic environment," the company said. Analysts said Tencent could face a further drop in its instant messaging and online advertising revenues as economic conditions worsen in the next few months.