Chinese financial services software company Longtop Financial Technologies Limited announced its unaudited financial results for the quarter ended June 30, 2009.
Derek Palaschuk, CFO of Longtop, said, "We have executed to deliver outstanding top and bottom line financial results during the first fiscal quarter in what is traditionally our lowest revenue and net income quarter in the fiscal year."
This time period is the first quarter of its fiscal year ending March 31, 2010, and the company recorded total revenues of USD28.5 million, an increase of 47.4% year-on-year from USD19.3 million. Software development revenues were USD24.7 million, a year-on-year increase of 53.8%.
Adjusted net income for the quarter was USD10.7 million or USD0.20 per fully diluted share, represented an increase of 36.6% year-on-year. However, U.S. GAAP net income for the quarter was USD8.4 million or USD0.16 per fully diluted share, represented an increase of 37.7% as compared to US GAAP net income of USD6.1 million in the corresponding year ago period.