Chinese internet giant Tencent has reported second quarter revenues of 10.5 billion RMB ($1.6 billion), up 9.1 percent quarter-over-quarter and 56.2 percent year-over-year.   Net profit for Q2 2012 was 3.1 billion RMB ($490.1 million), up 5.1 percent quarter-over-quarter and 32 percent year-over-year.

One again, Tencent was the most popular social network in China, reporting 597.6 million monthly active user (MAU) accounts  for its Qzone virtual identity social network, up 3.6 percent quarter-over-quarter and 11.5 percent year-over-year. The company’s real-name social network Pengyou showed more rapid growth, with 247.7 million MAU accounts, up 15.5 percent from last quarter’s figure of 214.5 MAU accounts.

Revenues from Tencent’s community and open platforms (which include Qzone and Pengyou) increased 7.8 percent quarter-over-quarter to 2.2 billion RMB ($345.7 million) riding on growth of item-based sales within applications. Tencent’s online game revenues increased 4.6 percent quarter-over-quarter to 5.5 billion RMB ($864.4 million). Although game revenues were down in China due to seasonal fluctuations like school exams, international revenues continued to climb and made up for the difference.

Meanwhile revenue from Tencent’s mobile and telecommunications value added services (MVAS) — the category the company’s mobile games, apps and services fall into — was 929 million RMB ($146.9 million), up 1.7 percent from Q1’s 913 million RMB.

Tencent’s shares are currently trading at 230 Hong Kong dollars ($29.64), giving the company a market capitalization of 419.3 billion Hong Kong dollars ($54.05 billion).