Chinese financial services software provider Longtop Financial Technologies Limited has reported its unaudited financial results for the fiscal fourth quarter and fiscal year ended March 31, 2009.
Total revenues for the quarter ended March 31, 2009, were USD25.9 million, an increase of 60.3% year-on-year from USD16.1 million in the corresponding year ago period. Total revenues for the fiscal year ended March 31, 2009, were USD106.3 million, an increase of 61.3% year-on-year from USD65.9 million in the corresponding year ago period.
Derek Palaschuk, chief financial officer of Longtop stated: "In the fourth quarter and fiscal 2009 Longtop reported revenue and adjusted net income results which substantially exceeded the guidance we gave at the beginning of the fiscal year. Our strong results underscore the sales momentum, recurring revenue structure and operating leverage of our company's business model, as well as our solid execution. Looking ahead, the attractive market opportunity calls for continuing our strategy of investing back into the business and grasping consolidation opportunities through acquisitions that will help make Longtop the leading IT service provider in China's financial services industry."
Adjusted net income for the quarter was USD11.0 million or USD0.21 per fully diluted share and increased 76.6% as compared to adjusted net income of USD6.2 million in the corresponding year ago period.