Chinese internet services giant Tencent has reported total revenues of 9.64 billion yuan ($1.53 billion) for the first quarter of 2012, up 21.8 percent quarter-over-quarter and 5.2 percent year-over-year.  Net profit for the quarter was 2.96 billion yuan ($467.7 million) up 16 percent from the company’s Q4 2011 net profit of 2.55 billion ($402.9 million).

Tencent’s revenues from mobile and telecommunications value-added services rose to 913.8 million yuan ($145.2 million), an increase of 7.0 percent quarter-over-quarter and 17.5 percent year-on-year.

While mobile revenues are still small compared to the revenue generated from Tencent’s community and open platforms (which includes QZone and Pengyou, two of the most popular social networks in China), the company has been trying to increase the importance of mobile games and apps in its business.

The company has stepped up development its own mobile titles over the past year, releasing Chinese language versions of popular titles like Instagram and Draw Something, introduced its own line of Android smartphones and signed a deal with GameSalad to bring the company’s code-free mobile app development kit to its platform.

Tencent’s shares are currently trading at 224 Hong Kong dollars ($28.84), giving the company a market capitalization of 412.83 billion Hong Kong dollars ($53.15 billion).