Unaudited
Three months ended
Three months ended
31 December
30 September
2019
2019
(RMB in millions)
(RMB in millions)
Revenues
105,767
97,236
Cost of revenues
(59,659)
(54,757)
Gross profit
46,108
42,479
Interest income
1,580
1,674
Other gains, net
3,630
932
Selling and marketing expenses
(6,712)
(5,722)
General and administrative expenses
(16,002)
(13,536)
Operating profit
28,604
25,827
Finance costs, net
(2,767)
(1,747)
Share of (loss)/profit of associates and joint ventures
(1,328)
234
Profit before income tax
24,509
24,314
Income tax expense
(2,137)
(3,338)
Profit for the period
22,372
20,976
Attributable to:
Equity holders of the Company
21,582
20,382
Non-controlling interests
790
594
22,372
20,976
Non-IFRS profit attributable to equity holders of the Company
25,484
24,412
revenues .
revenues increased by 9 % to rmb105 .
8 billion for the fourth quarter of 2019 on a quarter-on-quarter basis .
revenues from vas increased by 3 % to rmb52308 million for the fourth quarter of 2019 .
online games revenues grew by 6 % to rmb30286 million .
the increase was primarily due to revenue contributions from domestic smart phone titles such as peacekeeper elite as well as revenues contributed from supercell commencing in the fourth quarter of 2019 partly offset by the decrease in revenues from pc client games .
social networks revenues were rmb22022 million broadly stable compared to the third quarter of 2019 .
revenues from fintech and business services increased by 12 % to rmb29920 million for the fourth quarter of 2019 .
the increase mainly reflected the growth of commercial payment social payment and cloud services .
revenues from online advertising increased by 10 % to rmb20225 million for the fourth quarter of 2019 .
social and others advertising revenues grew by 11 % to rmb16274 million .
the increase was primarily driven by greater revenues from our mobile advertising network and weixin moments benefitting from the positive seasonality of ecommerce promotional activities in the fourth quarter .
media advertising revenues increased by 8 % to rmb3951 million .
the increase mainly reflected greater advertising revenues from our media platforms including tencent video tencent news and tme .
cost of revenues .
cost of revenues increased by 9 % to rmb59659 million for the fourth quarter of 2019 on a quarter-onquarter basis .
the increase was primarily driven by greater channel costs costs of fintech services and content costs .
as a percentage of revenues cost of revenues was 56 % for the fourth quarter of 2019 broadly stable compared to the third quarter of 2019 .
cost of revenues for vas increased by 7 % to rmb26120 million for the fourth quarter of 2019 .
the increase was primarily due to greater content costs for live broadcast services and major esport events as well as higher channel and content costs for smart phone games including the channel costs attributable to supercell .
cost of revenues for fintech and business services increased by 11 % to rmb21520 million for the fourth quarter of 2019 .
the increase mainly reflected greater costs from increased volume of payment activities and greater scale of cloud services .
cost of revenues for online advertising decreased by 2 % to rmb9241 million for the fourth quarter of 2019 .
the decrease was primarily driven by lower content costs for our advertising-funded long form video service partly offset by traffic acquisition costs due to revenue growth from our advertising network .
selling and marketing expenses .
selling and marketing expenses increased by 17 % to rmb6712 million for the fourth quarter of 2019 on a quarter-on-quarter basis .
the increase mainly reflected seasonally greater marketing spending on smart phone games and digital content services as well as expenses attributable to supercell .
general and administrative expenses .
general and administrative expenses increased by 18 % to rmb16002 million for the fourth quarter of 2019 on a quarter-on-quarter basis .
the increase was mainly due to greater r & d expenses and staff costs including expenses attributable to supercell .
share of -loss / profit of associates and joint ventures .
we recorded share of losses of associates and joint ventures of rmb1328 million for the fourth quarter of 2019 compared to share of profit of rmb234 million for the third quarter of 2019 .
the movement mainly reflected certain associates booking non-cash fair value changes to their investment portfolios .
profit attributable to equity holders of the company .
profit attributable to equity holders of the company increased by 6 % to rmb21582 million for the fourth quarter of 2019 on a quarter-on-quarter basis .
non-ifrs profit attributable to equity holders of the company increased by 4 % to rmb25484 million .

Question: What is the profit margin for the fourth quarter of 2019?
Answer: 21.15