Reports 46% Increase in Q4 Profit

March 25, 2011

Chinese online alternative payment company Limited posted a 46 percent increase in Q4 profits last year compared to 2009, reporting net income for the period of ¥410.4 million ($62.5 million). Total revenue in the fourth quarter rose 37.6 percent to ¥1.52 billion ($231.6 million). The company said at the end of 2010 it had more than 809,000 paying members, up 31.6 percent on a year-over-year basis and a rate that will slow down over the next year, according to Jonathan Lu, CEO and Executive Director of “In 2011, we intend to place increased emphasis on servicing our existing paying members rather than accelerating member acquisition.” Lu said. “We will enhance the customer experience of our Gold Supplier and China TrustPass members through service upgrades that we hope will result in a stable membership base and its sustainable growth. Moving towards a more balanced business model, we expect our business and financial performance will be even more resilient to global issues.”