BVI-registered Yucheng Technologies Limited announced the unaudited financial results for the three-month period ended June 30, 2008.
In the financial report for the second quarter 2008, the company has presented the profit and loss accounts separately for the established core business that included IT Solutions and Services and System Integration, and its future POS business.
According to the highlights for the period ended June 30, 2008, core business revenue was US$24.6 mln – a 136% increase if compared to the second quarter of the previous year. IT Solutions and Services revenue was US$9.2 mln, which is 97% increase; IT Solutions and Services business continued to realize gross margins in excess of 60%.
Yucheng’s total second quarter revenues were USD 25.0 mln, an increase of 140%. Gross margin for BVI company’s consolidated business was 31.8% in the second quarter, compared to 35.7% for the same period 2007. Company’s cash increased to US$26.0 mln by the end of the second quarter, from US$14.5 mln at the end of the first quarter of 2008. Management raised the revenue guidance for the fiscal year 2008 to USD 88 mln, and maintained the original Non-GAAP net income guidance for the fiscal year 2008 of USD 14.7 mln to USD 15.2 mln.
Yucheng’s net revenue was USD 0.4 mln in the second quarter, compared to USD 0.3 mln in the first quarter of the year. Average gross revenue per terminal of company’s entire merchant base was USD 12.0 per month both in the first and second quarters. Operating expenses were USD 0.76 million, a slight increase from USD 0.71 million in the first quarter of 2008.