14th Aug 2014 08:02
LONDON (Alliance News) - JQW PLC said Thursday trading in the first half was well ahead of the year before, adding that profit has surged higher on the back of revenue recognition in the period from contract signed in the second half of 2013.
The Chinese business-to-business e-commerce firm said pretax profit for the six months to June 30 is up 48% to approximately RMB105 million, against RMB70.8 million last year. The rise has been driven by a jump in revenues of 90%, the firm said, on the back of revenue recognition in the first half for contracts signed by fee-paying members in the second half of last year.
JQW said it saw a 33% jump in active fee-paying members in the period year-on-year. To June 30 this year, the firm said it has 221,000 fee-paying members, compared to 197,000 at the end of December 2013 and 166,000 at June 30 2013.
Cai Yongde, JQW's Chairman, said the company "is pleased with the strong progress that the group has made since the start of the year".
Shares in the company rose as much as 10% at the open Thursday but were quoted down 0.7% at 68.00 pence in early morning trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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