HARBIN, CHINA, Nov. 17 /Xinhua-PRNewswire/ -- Xinyinhai Technology, Ltd. (OTC Bulletin Board: XNYH), a market leader in China's fast-growing financial documents printing industry, today announced financial results for the Company's third quarter and nine months ended September 30, 2008.
Some of highlights include:
-- Revenues for the third quarter increased 8.3% to $3.14 million, as
compared with $2.9 million for the third quarter 2007
-- Revenues for the nine-month period ended September 30, 2008
increased 33.8% to $10.7 million, as compared with $8 million for
the same period in 2007
-- Net income for the first nine months of 2008 increased by 47.4% to
$2.8 million, as compared with $1.9 million for the same period in
2007.
"We are extremely pleased with our continued growth in revenues and net income, and are confident of our ability to achieve comparable gains through the end of 2008 and beyond, as the Chinese market for printed financial documents continues to expand rapidly," stated Ling Tian, CEO of Xinyinhai. "We also look forward to continuing to expand our client base, both in China and overseas, by upgrading our equipment and technology. We plan to bring in the most advanced production line to meet the increasing need of the market." Ms. Tian concluded.
About Xinyinhai Technology Ltd.
Established in 1998, Xinyinhai specializes in printing high-end financial documents using shareholder value-certified state-of-the-art technology and systems employing the latest anti-falsification encryption methods. Its clients include many of China's premier financial institutions, including the largest state-owned banks (Bank of China, China Construction Bank, Agricultural Bank of China，China Postal Saving Bank), the China Rural Credit Union, China Domestic City Commercial Bank. Additional information about Xinyinhai is available at http://www.xnyhonline.com .
