Yucheng Technologies Limited, BVI-registered company providing IT and outsourced services to the Chinese banking industry, in the beginning of February has published unaudited financial results for the last three months and fiscal year 2007.
The main highlights of the unaudited report for the fourth quarter 2007 include record growth of consolidated revenue of US$23.5 million, – the 57% increase if compared to the same period of 2006. Gross margin made 37%, compared to 25% of the same period last year; NON-GAAP net income made US$4.3 million, an increase of 50% quarter-over-quarter and 88% year-over-year.
The non-financial records for the last three months of 2007 were increased working relationships with the existing banking clients (i.e. Bank of Shanghai); first-ever contracts with Chinese subsidiaries of foreign banks, to provide Yucheng’s industry leading online banking solutions; further business expansion into the existing top national banking clients, through strong IT solutions.
Yucheng published the following unaudited results of the fiscal year 2007: record consolidated revenue of US$59.6 million, – an increase of 49% if compared to 2006; record consolidated IT solutions and services revenue of US$31.6 million, accounting for 53% of the revenue, an increase of 110% if compared to the results for the year 2006. Gross margin increased to 36% from 28% for fiscal year 2006; record NON-GAAP net income made US$10.5 million, an increase of 72% from the year 2006, and 13% above management’s increased estimate of US$9.3 million.
The BVI company is the wholly-owned subsidiary of China Unistone Acquisition Corporation, which merged with Yucheng in November 2006. China Unistone is a Delaware corporation organized as a public company specifically for the acquiring businesses in China.