Revenue down 48%
Jingwei International, a provider of data mining and software services, has reported a net income of $1.3m, or $0.08 per diluted share, for the fourth quarter of 2008, a decrease of 31% compared to $3.2m, or $0.20 per diluted share, for the same quarter of 2007.g
For the fourth quarter of 2008, revenue was $4.8m, a decrease of 48% compared to $9.3m for the same quarter of 2007.
For the year 2008, revenue was $27.88m, an increase of 14% compared to $24.43m in 2007. Net income was $9.03m, or $0.53 per diluted share, an increase of 17% compared to $7.66m, or $0.48 per diluted share, for 2007.
Regis Kwong, CEO of Jingwei International, said: Although the fourth quarter in 2008 has been a very challenging time due to the financial crisis and the delayed issuance of 3G licenses issued to the telecom operators in China, Jingwei was still able to increase its revenue and net profit for the year. With our investment in new products and services in both software and data mining, we are confident that we will continue to grow in 2009 with the anticipated 3G network roll out and increase in domestic consumer spending.
