Revenue up 56% to $30.1m
VanceInfo Technologies, a provider of offshore software services, has reported a net income of $5.23m, or $0.13 per diluted share, for the fourth quarter of fiscal 2008, up 67.7%, compared to a net income of $3.11m, or $0.07 per diluted share, for the same quarter of fiscal 2007.
For the fourth quarter of fiscal 2008, net revenue was $30.1m, up 56.1%, compared to $19.27m for the same quarter of fiscal 2007.
For the fiscal 2008, net revenue was $102.7m, up 63.7%, compared to $62.71m for the same period of fiscal 2007. Net income was $16.2m, or $0.4 per diluted share, up 69%, compared to a net income of $9.6m, or $0.19 per diluted share, for the fiscal 2007.
Chris Chen, chairman and CEO of VanceInfo, said: With prudent expansion strategy and solid execution, VanceInfo continued to exceed expectations in the fourth quarter and throughout 2008 despite the turbulence in the global economy. Looking forward, we see continued demand and rising interest in our services from both Chinese companies and multinationals seeking cost effective solutions and geographic diversification.