News this week: Shenzhen-listed online sourcing platform, Zhejiang Netsun announced its financial results for the quarter ended 30th September 2011. Revenues were US$5.6 million, representing an 8.4% decrease over the same quarter in 2010. The company posted a net profit of US$1.04 million, a 37% drop compared with the third quarter of 2010. Management did not provide reasons for the decrease in revenue and profit.
The Hangzhou-based company also released its results for the nine months ended 30th September. Revenues were US$17 million, which is a decrease of 3.3% compared with the first nine months of 2010. Net profit in the period was US$4.2 million, slipping 35% from the same period last year. Earnings per share in the first nine months of the year were RMB 0.16 (US$0.025).
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