Recession blamed for Sinosoft's slide

23rd Sep 2009 11:33

China based developer and provider of e-Government software and services Sinosoft tumbled from its 52-week high after reporting interim results that were below par.Revenue in the first half of 2009 fell to $4.54m from $5.31m a year earlier while profit before tax slipped to £0.98m from £1.53m, which the company blamed on the current global recession.'However, the growing diversification of our revenue streams and the investment in research and development has enabled Sinosoft to benefit from the initial signs of an economic recovery and the PRC [People's Republic of China] Government's stimulus package,' claimed chairman Mao Ning. 'Contracts in the pipeline give the board confidence that as the global economy stabilises, Sinosoft is well positioned to grow its revenues in the second half of 2009,' he added.