Camelot Info Systems 2Q profit slips, revenue up

Camelot Information Systems 2nd-quarter net income slides, but revenue increases

Associated Press

NEW YORK (AP) -- Chinese information technology company Camelot Information Systems Inc. said Monday that its second-quarter revenue rose nearly 5 percent, as most of its business saw growth despite the uncertain economy in the country.

The company's net income slipped to $2.4 million, or 5 cents per American Depositary share, in the April-June period. That's down 16 percent from $2.9 million, or 6 cents per ADS, in the same period a year earlier.

A 4 percent decrease in the number of outstanding shares helped the per-share results in the recent quarter.

Revenue increased 6 percent to $62.1 million from $59.4 million.

Analysts, on average, were expecting earnings of 6 cents per share, on revenue of $62 million, according to FactSet.

The company expects revenue of about $70 million for the current quarter. Analysts are forecasting $67.7 million.

U.S.-traded shares of the Beijing-based company added 3 cents, to $2.25 in afternoon trading. The stock has traded between $1.75 and $6.85 in the past 52 weeks.

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