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November 18, 2010

VanceInfo Q3 revenue up 39.3% to $56m

Expects FY10 revenue to range between $208.5m and $209.5m

By CBR Staff Writer

VanceInfo Technologies has reported net revenues of $56m for the third quarter of 2010, an increase of 39.3% as compared to $40.2m of the same quarter in 2009.

The company’s operating income for the quarter was $8m as compared to $6m for the same period last year.

The IT services company posted a gross profit of $20.3m for the third quarter as compared to $15m for the same quarter prior year.

For the quarter ended 30 September 2010, the company reported a net income of $8m or $0.18 per diluted share, compared to $6m or $0.14 per diluted share for the same period last year.

VanceInfo chairman and CEO Chris Chen said that in the third quarter, they continued the build-out in geographic markets, achieved encouraging performance in their growth sectors and made new investments to sustain their long term business development.

The company expects the fiscal year revenues to be between $208.5m and $209.5m, representing an increase of approximately 41% compared to fiscal 2009.

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