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Chinadotcom reports 103 pct growth for Q3 (11/09/03)

Chinadotcom corporation, a leading integrated enterprise software and mobile applications company, reported 103 percent year-on-year growth in revenue to 24.4 million US dollars for the third quarter of 2003.

According to a press release reaching in Hong Kong on Nov.9, the gross profit in the third quarter was 11.8 million US dollars compared to 4.4 million the same period last year, while the gross margin rose to 48 percent from 37 percent.

Moreover, the earnings per share in the third quarter of 2003 was 6.0 US cents versus a loss per share of 3.2 US cents in the same period of 2002. As of Sept. 30, 2003, Chinadotcom had approximately 101 million common shares outstanding.

"This was the company's best financial performance to date withan increased net cash balance of 363 million US dollars, up 3 million from the second quarter," said Chief Financial Officer Daniel Widdicombe.

He added that the continued positive momentum in the company's financial metrics reflected positively on their long term China-focused acquisition and growth strategy of attaining sustainable high-margin and recurrent revenues.

During the quarter, the company acquired a majority stake of Industri-Matematik International Corp., a 35-year-old leading provider of SCM solutions in the United States and Europe.

According to Peter Yip, the company's chief executive officer, the company has entered the rankings of the Global Software 200 companies.

The company has over 1,000 employees with operations in over 14countries. Founded in Hong Kong in 1996, the company was listed on the NASDAQ in 1999.

 


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