24th Feb 2014 09:05
LONDON (Alliance News) - Chinese business-to-business e-commerce operator JQW PLC saw its shares rise strongly Monday after it said trading in 2013 had been significantly ahead of market expectations.
In a statement, the company said revenues were CNY490 million, up from CNY287 million, while pretax profit has doubled to CNY170 million, from CNY84 million in 2012.
It said it had 197,000 fee paying members at the end of 2013, up from 166,000 at the end of June and 135,000 at the end of 2012.
It also had CNY344 million in cash on its balance sheet at the end of last year, up from CNY108 million a year earlier.
"We remain very positive about the group's performance for the current financial year and look forward to providing the market with a further update when we report our maiden preliminary results," JQW said in a statement.
The company will put out its full 2013 results April 29. It has pledged to pay a progressive dividend.
JQW shares were up 14.9% at 80.45 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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