China’s Neusoft bucks downturn
Neusoft Corporation, the largest offshore software and service outsourcing provider in China, has continued to buck the downturn posting impressive growth in its latest annual report. The company posted profits of RMB 491 million Yuan (approx £47 million) in 2008, an increase of 18.2 percent on 2007. Its revenue increased 10.3 percent to RMB 3.711 billion Yuan (£360 million).
The company credits its growth to strong performance in its two core areas of business - industry solutions and product engineering solutions. A large proportion of its growth is also attributed to international customers through outsourcing. Neusoft has seen steady growth in Japan, Europe, and US markets and grown outsourcing revenues by 29.6 percent (approx £120 million). Outsourcing now contributes 33.9 percent of the company’s total revenue.
Commenting on the results, Mr. Wang Yongfeng, President of Neusoft Corporation, said, “In 2009, the domestic and international markets will be full of uncertainties and challenges. Under such a complex business context, Neusoft has made active business strategies to accelerate the progress of globalisation and international markets expansion, consolidate and enhance our predominant position in Japanese market, and further optimise resource allocation in Europe and U.S. markets. Meanwhile, for the domestic market, responding to opportunities brought by China’s 4 trillion Yuan stimulus to boost domestic demand, we will pay close attention and follow-up the IT demands from major industries, actively raise market shares, optimise our business model, and input more in product development and service quality based on the premise of continuing increase of our core competitiveness in industry solutions, to maintain steady growth of businesses in the domestic and international markets.”