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Chinese Financial Services Sector Propels Longtop's Quarterly Results
February 22, 2008 |
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Chinese financial services sector software provider Longtop (LFT) announced its unaudited financial results for the quarter ended December 31, 2007, which is the third quarter of its fiscal year ending March 31, 2008, and said it had total revenue of US$18.6 million, an increase of 60.9% year-on-year.
"I am pleased that our dedicated efforts to expand customer and solution diversity have resulted in continued growth during the quarter," commented Weizhou Lian, CEO of Longtop. "In addition to expanding our strong relationships with Big Four Banks, we have been successful at diversifying our customer base through new business wins across multiple sectors which has enabled us to continue to gain market share."
Software development revenues of US$15.6 million contributed 83.6% of total revenues, and increased 61.1% year-on-year compared to adjusted software development revenues for the corresponding period in the previous fiscal year.
Total revenues for the nine months ended December 31, 2007 were US$50.4 million, compared to adjusted revenues of US$32.0 million for the nine months ended December 31, 2006, a year-on-year increase of 57.3%. Software development revenues, which were 83.5% of total revenues for the nine months ended December 31, 2007, amounted to US$42.1 million, up 75.4% year-on-year compared to Adjusted Software Development Revenues in the corresponding period a year ago.
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