Business, Software

Software Firm Benefits In Chinese Financial Services Sector

Chinese financial services software firm Longtop Financial Technologies Limited announced its unaudited financial results for the quarter ended June 30, 2010, which is the first quarter of its fiscal year ending March 31, 2011.

Total revenues were USD48.9 million, which included USD2.4 million in revenue From Zhongbo, a business acquired during the quarter, an increase of 71.6% year-on-year.

Software development revenues of USD38.7 million increased by 56.8% year-on-year and contributed 79.3% of total revenues. Revenues from other services in the first quarter were USD10.1 million, an increase of 168.6% year-on-year. Included in other services revenue was USD2.4 million in revenue from the IT outsourcing business of Zhongbo, which was acquired by Longtop in April 2010. Excluding Zhongbo, revenue from other services in the first quarter increased by 105.7% year-on-year due to increased revenue from the ATM maintenance business.

At June 30, 2010, Longtop had 2,614 software delivery staff, as compared to 1,804 at June 30, 2009, and 2,492 at March 31, 2010.

Adjusted net income for the quarter ended June 30, 2010, of USD17.9 million or USD0.31 per fully diluted share represented an increase of 67.3% year-on-year as compared to adjusted net income of USD10.7 million in the corresponding period a year ago.

Longtop anticipates, for the quarter ending September 30, 2010, total revenues of USD57.0 million.

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