Marbridge Daily

<- May 11, 2012 ->

Hisoft Q1 2011 Profit Up 116% YoY

PR Newswire, 5/11/12

Chinese IT outsourcing firm HiSoft (Nasdaq: HSFT) today announced its unaudited financial results for the first quarter ended March 31, 2012, with net revenues up 47.8% YoY to USD 65.5 mln.

Net income attributable to HiSoft reached USD 6.08 mln in Q1 2012, an increase of 115.7% YoY.

Net revenues from IT services were USD 39.3 mln for Q1 2012, an increase of 55.1% YoY. The company's consulting and packaged solution services (CPS) saw YoY revenue growth of 143.5% as a result of expanded solution offerings, improved traction of the SAP business unit with large clients and strong demand for services from the domestic banking and finance industry.

Net revenues from R&D services were USD 26.2 mln for Q1 2012, an increase of 38.0% YoY, from USD 19.0 mln in 2011.

Based on the location of clients' headquarters, the United States accounted for USD 29.9 mln, or 45.6% of net revenues in Q1 2012, followed by 22.5% for Greater China, 20.5% for Japan, 6.9% for Europe and 4.5% for South Asia.

Measuring the company's revenues by geographic markets based on the location of the contract signing entities, Greater China accounted for 39.3% of net revenues in the first quarter of 2011, while Japan accounted for 24.6%, the United States and Europe accounted for 22.6% and other countries accounted for 13.5%.

Revenues from the company's top three, top five and top ten clients accounted for 23.6%, 33.6% and 46.9% of net revenues, respectively, during Q1 2012, compared to 27.2%, 38.1% and 55.3%, respectively, for Q1 2011.

For Q2 2012, Hisoft expects net revenues to be at least USD 71.5 mln, representing an expected growth rate of 40.6% YoY. For fiscal year 2012, net revenues are expected to be at least USD 295.0 mln, representing an expected growth rate of 34.7% YoY.

To view Hisoft's full fiscal report please click here.

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