China's B2B e-commerce service provider HC360.com has announced its unaudited financial reports for the third quarter and the first nine months of 2008, saying that the company made net profits of CNY3.107 million in the third quarter of 2008.
The company says from July to September 2008, HC360.com made revenue of CNY74.925 million. Of that total, the revenue from its Internet business increased by 25% year-on-year. Apart from the Internet business, HC360.com's core products Ma-Mai-Tong and the growth of its research institute business also contributed to the company's profits.
At the same time, the company made revenue of CNY223.52 million in the first three quarters of 2008 and its net profits were CNY7.336 million. In addition, the company bought back 4.658 million shares in the third quarter of 2008. Of those, one million shares were repurchased in August and 3.658 million in September.
Previous to this, HC360.com published a notice at the Hong Kong Exchanges and Clearing Limited, which said the company would establish a joint venture with the information consulting company Dun & Bradstreet in China. According to the agreement of the two parties, the joint venture, in which HC360.com owns a 70% stake, will be committed to providing market research services.