An interior view of the Tencent headquarters building in Shenzhen, South China's Guangdong province, Aug 9, 2017. (PHOTO /VCG)

The third-quarter profit of technology conglomerate Tencent Holdings dipped as changes in the mainland’s regulatory environment created an uncertain business environment for the company.

The company reported that the non-international financial reporting standards profit attributable to shareholders stood at 31.75 billion yuan ($4.97 billion) for the nine months ending on Sept 30. This was a decrease of 2 percent from a year ago, which was in line with the consensus market forecast. On a quarterly basis, this figure dropped 7 percent from the second quarter.

The company reported that the non-international financial reporting standards profit attributable to shareholders stood at 31.75 billion yuan ($4.97 billion) for the nine months ending on Sept 30

In the same period, revenue gained 13 percent to 142.37 billion yuan from the previous year, whereas the figure rose 3 percent from the previous quarter.

During the third quarter, the internet industry, including the domestic games industry and certain advertiser categories, adapted to new regulatory and macroeconomic developments.

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“We are proactively embracing the new regulatory environment, which we believe should contribute to a more sustainable development path for the industry. In the domestic games market, our industry-leading efforts in fully complying with new regulations significantly reduced minors’ game time and spending, fostering a healthier gameplay environment,” Tencent Chairman Pony Ma Huateng said in the company statement on Wednesday.

“We also invested actively in key strategic areas, as well as in frontier technologies, along with making new commitments in common prosperity initiatives. Looking forward, we are committed to delivering superior experiences to users, assisting enterprises to digitalize their operations and contributing to the society at large,” Ma added.

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