Longtop Boosts Income By 24% In Fiscal Q1

Chinese finance industry software and service provider Longtop Financial Technologies Limited (NYSE: LFT) reported fiscal first quarter, the period ending June 30, 2008, revenue of $19.3 million, up 69.4% year-on-year, after market close on Tuesday. Software development revenue accounted for 83.1% or $16.1 million of total revenue, up 95.8% year-on-year. Fifty-seven percent of software development revenue, $9.2 million, came from the Big Four Banks, as compared to 75.2% in the year-ago period.

Net income was $6.1 million, a 23.5% year-on-year increase.

Longtop has raised next quarter guidance by $1 million to $26 million, while maintaining adjusted net income expectations of $13.5 million. The service provider raised total revenue guidance for fiscal 2009, the year ending March 31, 2009, from $86 million to $93 million. Full year net income expectations have been raised $3 million to $47 million.