Longtop Posts Decent Revenue Increase In China

By TechSecurityChina.com Editor
May 19, 2008

Longtop Financial Technologies (LFT) just announced its unaudited financial results for the fiscal fourth quarter and fiscal year ended March 31, 2008.

For the quarter, total revenues of US$16.3 million, an increase of 110.7% year-on-year. Specifically, software development revenues amounted to US$13.7 million, up 133.0% year-on-year and adjusted net income was US$6.2 million, an increase of 121.1% over last year.

For the fiscal year, total revenues were US$66.7 million, an increase of 67.7% year-on-year compared to adjusted revenues for the year ended March 31, 2007.

“Our sales diversification has been a hugely successful strategy in fiscal 2008 with client wins among other banks and insurance sectors that have helped Longtop expand market share. We believe both other banks and insurance customers will continue to be a strong growth engine for Longtop. We are excited about the prospects for 2009,” commented Andy Lu, vice president of sales.

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