Sina Weibo achieves first profits ahead of possible IPO

China's largest Twitter-like site Sina Weibo saw its first-ever profit of $71.4 million in the fourth quarter of 2013, according to the latest financial report released by Sina on Tuesday.

The fourth-quarter revenue of Weibo grew 151 percent compared to the same quarter of 2012, the report said.

Sina profits surged as a result of the robust growth of Weibo, making a yearly net income of $665 million in 2013, up 26 percent on the previous year.

"Advertising and value-added services are the main drivers of the corporation's growth," Sina Corp CEO Cao Guowei said in a note sent to the Global Times.

Profits come amid reports that Sina is planning to list Weibo in the US and hopes to raise nearly $500 million.

Sina Weibo is planning a stock market listing in New York in the first half of the year, possibly May, according to the Xinhua News Agency Tuesday.

Cao said daily active users on Weibo had increased from 60.2 million in the third quarter to 61.4 million now, with more users accessing the platform through mobile clients, and more growth expected from second- and third-tier cities.