Chinese financial services software firm Longtop Financial Technologies Limited announced its unaudited financial results for the quarter ended September 30, 2009, which is the second quarter of its fiscal year ending March 31, 2010, and showed increases in both revenue and profit.
Total revenues for the quarter ended September 30, 2009, were USD42.8 million, an increase of 52.0% year-on-year from USD28.2 million in the corresponding year ago period, and exceeded company guidance of USD37.5 million. Software development revenues of USD37.0 million increased year-on-year by 56.9% and exceeded company guidance of USD34.0 million.
Adjusted net income for the quarter ended September 30, 2009, of USD21.4 million or USD0.40 per fully diluted share increased 32.0% as compared to adjusted net income of USD16.2 million in the corresponding year ago period.
Commenting on the results, Derek Palaschuk, CFO of Longtop, said: "The outstanding results from the fiscal second quarter further solidified Longtop's financial strength. The second quarter's record revenues were supported by robust cash flow from operations, which was USD18.8 million. And looking ahead, with strong demand and USD46.5 million in software development revenue backlog excluding Sysnet, we have increased our estimate for fiscal 2010 revenues from USD145.0 million to USD158.0 million and for adjusted net income of USD70.5 million as compared to our previous guidance of USD65.0 million."
