"Pancake Man" is also a big hit in North America. (Photo : www.ooyuz.com)
The comedy hit "Pancake Man" is expected to contribute $18 million worth of profits to the Chinese games and video group Sohu after the film gave an exemplary box-office performance.
However, the comedy spoof movie's July showing came in too late to boost the firm's second quarter results, which nonetheless posted an increase in revenue and decrease in net losses.
Sohu's total revenues rose to $494 million, a 23-percent year-on-year increase and 8-percent quarter-on-quarter increase. Meanwhile, revenues for Sohu Video jumped to $59 million, a 36-percent year-on-year increase and 17-percent quarter-on-quarter increase.
Meanwhile, Sohu posted a GAAP net loss $28 million, which translates to a $0.71 per diluted share. The non-GAAP version, on the other hand, showed a $14-million loss.
The group achieved a net profit of $11 million before minority interests.
Sohu is one of the Internet entities and video portals in the country that forayed into film investment and production.
The firm's major investment, "Pancake Man" or "Jianbin Man," has earned around $140 million 10 days after it landed Chinese cinemas. Sohu predicts a total earnings of $150 million.
"Based on the estimated final gross revenue of about $150 million, we will recognize net revenues of about $26 million and net income of about $18 million generated from this movie attributable to Sohu," the game and video group remarked in a statement.
"Pancake Man" is a superhero parody film, which is written, directed and top-billed by Chinese comedian and actor Da Peng ("Diors Man").
