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Longtop Q1 Profit Nears $11m, Raises FY Guidance
Finance industry software and service provider Longtop Financial Technologies Ltd. (NYSE:LFT) saw adjusted net income expand 36.6% year-on-year to $10.7 million for the first fiscal quarter ended June 30, 2009, the company announced August 19. Total revenues for the quarter stood at $28.5 million, an increase of 47.4% year-on-year, including an 86.7% contribution from software development.
Citing strong demand across all product segments, Longtop increased its revenue guidance for the fiscal year ending March 31, 2010 to $145 million, up from $142 million given in the previous quarter.
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