Pansoft Company Limited, BVI-registered provider of software solutions for oil and gas industry in China, announced unaudited financial results for the second quarter of the year ended December 31, 2010. According to the information published by the BVI company, its revenues for the second quarter of 2011 were US$7.2 million, this is an increase of 47.0% compared to US$4.9 million for the three months ended December 31, 2010. Gross profit of the company was US$3.1 million, this is 19.1% increase compared to US$2.6 million in the same period of the last year. Gross margin was 42.9%, compared to 53% in the same period last year.
Operating profit was US$1.6 million, compared to US$2.1 million in 2010. Net income was US$1.4 million (US$1.9 million in the last year). Diluted earnings per share were US$0.25, compared to US$0.36 in the prior year period.
For the six months period ended December 31, 2010, BVI company’s revenues were US$10.7 million, this is 50.7% increase compared to the same period last year. The increase was due to the contribution from newly acquired businesses. Cost of sales was US$5.9 million, an increase of 77.2% from US$3.3 million in the six months ended December 31, 2009.
In the six months period gross profit was US$4.8 million, an increase of 27.3% from US$3.8 million in the six months ended December 31, 2009. Gross margin was 44.9% (53.1% in 2009). Operating expenses were US$2.1 million (US$1.0 million in the six months ended December 31, 2009). Operating profit was $2.7 million ($2.8 million in the six months ended December 31, 2009). Operating margin was 25.2% compared to 38.9% in the six months ended December 31, 2009.
Net income was US$2.4 million (US$2.6 million in the corresponding period in 2009) – lower than the prior period for some reasons. Diluted earnings per share were $0.45, compared to $0.48 in the corresponding period in 2009.