Bona Film Group, the largest privately owned film distributor in China, has announced its financial results for the fourth quarter and full year of 2010.

The company’s fourth quarter net revenues were $17.8m, a decrease of 22.2% year-over-year from $22.9m in the fourth quarter 2009. Its 2010 full year revenues were increased 37.6% year-over-year to US$52.8 million from US$38.4 million for the full year 2009.

But the company also reported a net loss of $4.2m for the full year 2010, which was due to a change in fair value of the embedded derivatives.

Bona’s fourth quarter 2010 net income was $3.1m, a decrease of 21.5% compared to $4m in the fourth quarter 2009. In Dec 2099, Bona handled the release of Chinese blockbuster Bodyguards and Assassins [pictured], which made more than $44m (RMB292m), while in December 2010, Bona’s biggest seller was slapstick comedy Just Call Me Nobody, making $24m (RMB159m). In 2010, Bona has handled releases of 13 films, with $136.36 (RMB900m) box office takings, accounting for 9% of 2010 total box office revenue in China

Looking ahead, Bona plans to release 16 to 20 films in 2011. “We foresee exciting opportunities in 2011, as we target to expand the number of high-quality film projects we invest in, produce and distribute. We will also enhance our partnerships with local TV stations to distribute non-theatrical copyright sales abroad,” said Bona Founder, Chairman and CEO Yu Dong.

The company has so far signed deals to sell film rights to Hong Kong-based distribution companies Celestial Pictures and I-Cable, covering five Asian territories

According to the Group’s CFO Mason Xu, the first quarter of 2011 appears to be “challenging” as the company-backed What Women Want by Chen Daming did not sell as well as expected while the release date of Wong Kar Wai’s The Grandmasters has been delayed to the end of the year.

Xu said the company plans to further expand its cinema business to o supplement the core distribution business and plans to own or operate 30-40 multiplexes by the end of 2014.