The global financial crisis is finding new corpses in China as interactive mobile services firm Jingwei International Limited issued a profit warning for the fourth quarter of 2008.
The company says that due to rapid deterioration in economic condition at the end of 2008, Jingwei's consolidated net profit for the quarter ended December 31, 2008, is expected to show a decline as compared to that for the fourth quarter of 2007.
John Bi, CFO of Jingwei commented, "While we experienced decline in revenue and profits resulting from lower than expected earning in the fourth quarter of 2008, financials for the full year 2008 look positive. The decline in revenues and profits was primarily attributable to delayed execution of contracts from our clients as a result of economic downturn. Although we can not provide forward financial guidance at this time due to the evolving financing crisis, Jingwei is confident about its continued growth, with opportunities expected from 3G deployment and the stimulus measures being implemented by the government in China."
Jingwei says it is still in the process of finalizing its audited consolidated results for the year ended December 31, 2008. Final results and other details will be disclosed in Jingwei's upcoming Annual Report on Form 10-K.