Chinese software provider Longtop Financial Technologies Limited (LFT), which had its initial public offering last month, has reported its unaudited financial results for the quarter ended September 30, 2007, which is the second quarter of its fiscal year ending March 31, 2008.

Total revenue was US$20.2 million, an increase of 80.3% year-on-year compared to adjusted revenues for the quarter ended September 30, 2006. Software development revenues amounted to US$18.2 million, up 115.6% year-on-year.

Adjusted net income was US$11.6 million, or US$0.28 per fully diluted share.

Adjusted operating income margin was 67.3% for the quarter ended September 30, 2007 and 60.3% for the six months ended September 30, 2007, as compared to 65.1% and 66.9% for the corresponding periods in 2006.

Commenting on the results, Derek Palaschuk, CFO of Longtop, said, "The strong revenue and income growth we reported is a result of our increasingly diversified customer base, as we continued to monetize new client relationships through our expanded range of higher margin services and solutions. Although we experienced a slight decline in gross margin due to our reinvestment in headcount, making these expenditures is important as we look to ensure our future expansion."



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