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(RTTNews) - Tencent Music Entertainment Group (TME) reported first quarter net profit attributable to equity holders of RMB 1.42 billion, up 23.9% year-over-year. Earnings per ADS was RMB 0.91 compared to RMB 0.73. Non-IFRS net profit attributable to equity holders was RMB 1.70 billion, representing 20.8% year-over-year growth. Non-IFRS earnings per ADS was RMB 1.09 compared to RMB 0.89.

First quarter total revenues were RMB 6.77 billion, a 3.4% year-over-year decrease, mainly due to the decline in revenues from social entertainment services and others, which was partially mitigated by strong year-over-year growth in revenues from online music services. Revenues from music subscriptions were RMB 3.62 billion, a 39.2% year-over-year growth. The number of paying users increased by 20.2% year-over-year to 113.5 million.

For fiscal 2023, the board declared a cash dividend of $0.0685 per ordinary share, or $0.1370 per ADS, to holders of record of ordinary shares and ADSs as of the close of business on May 31, 2024.

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