August 31 -- Hunan TV and Broadcast Intermediary (000917) recorded a 1,936.08 percent year-on-year surge in first half 2011 net profit to 408 million yuan, with earnings per share of of one yuan, reports nbd.com.cn, citing a company filing.

Net profit excluding non-recurring items increased 1,159.35 percent year-on-year to 413 million yuan. Sales revenue fell 62.1 percent year-on-year to 1.18 billion yuan.

The company's cable TV network business in Hunan province generated revenue of 802 million yuan, an increase of 19.05 percent year-on-year, while revenue from value-added businesses increased 51.03 percent year-on-year to 91.13 million yuan.

Shenzhen Dacheng Venture Capital, a wholly-controlled subsidiary of Hunan TV, completed a total of 134 investments as of end June, of which 40 were completed in the first half of the year, with total investments of 1.55 billion yuan.

A total of 19 companies which Dacheng Venture Capital invested in went public. The companies included Landocean Energy Services (300157), Beijing TRS Information Technology (300229), and Jiangsu Yinhe Electronics (002519).

The company obtained investment returns of 572 million yuan from the disposal of part of its stake in Fujian Sunner Development (002299) during the reporting period.

Hunan TV currently holds more than 600 million yuan worth of shares in companies such as Fujian Sunner Development, Shenzhen HT Intelligent Control (002402), Bluefocus Communications Group (300058), and Xi An Daang Road Machinery (300103).

The company had since 2011 lost the exclusive rights to handle commercials for TV stations in Hunan province, leading to a huge change in its revenue structure.

According to Shen Jinsong, analyst at Founder Securities, the cable TV network business has since become the major driver for the company's mid to long-term growth.

Shares of Hunan TV were down 3.69 percent to trade at 29.49 yuan at 10:35 today.