Shanda Games Limited announced its unaudited consolidated financial results for the first half of 2015 ended June 30, 2015. Net revenues totaled RMB1,446.4 million ($236.6 million), a decrease of 26.1% from RMB1,956.5 million in the first half of 2014.
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Gross profit for the first half of 2015 was RMB1,015.8 million ($166.2 million), a decrease of 32.0% from RMB1,493.6 million in the first half of 2014. Gross margin was 70.2%, a decrease from 76.3% in the first half of 2014.
Operating income for the first half of 2015 was RMB429.6 million ($70.3 million), a decrease of 38.6% from RMB699.2 million in the first half of 2014. Operating margin was 29.7%, a decrease from 35.7% in the first half of 2014.
Non-GAAP operating income for the first half of 2015 was RMB481.3 million ($78.7 million), a decrease of 37.3% from RMB768.0 million in the first half of 2014. Non-GAAP operating margin was 33.3%, a decrease from 39.3% in the first half of 2014.
Net income for the first half of 2015 was RMB289.5 million ($47.4 million), a decrease of 52.2% from RMB605.7 million in the first half of 2014. Net margin was 20.0%, a decrease from 31.0% in the first half of 2014. Earnings per diluted ADS were RMB1.06 ($0.18), compared with RMB2.24 in the first half of 2014.
Non-GAAP net income for the first half of 2015 was RMB326.6 million ($53.4 million), a decrease of 50.5% from RMB660.1 million in the first half of 2014. Non-GAAP net margin was 22.6%, a decrease from 33.7% in the first half of 2014. Non-GAAP earnings per diluted ADS were RMB1.20 ($0.20), compared with RMB2.44 in the first half of 2014.
Net Cash. In the first half of 2015 the company generated RMB327.8 million ($53.6 million) in cash flows from operating activities. The company's cash and cash equivalents, time deposits with maturity over one year, short-term investments and restricted cash, net of loans and dividend payable, increased from RMB1,147.7 million as of December 31, 2014 to RMB1,460.9 million ($238.9 million) as of June 30, 2015. ■