Beijing, 15th May: Ninetowns Internet Technology Group announced its second half results last Friday. For the six months ended 31st December 2008, revenues were US$8.2 million, a 3% decrease over the second half of 2007. In the period, Ninetowns recorded a net loss of US$20.9 million, compared with a loss of US$29.0 million in the same period of 2007. More than 80% of its revenues were generated from sales of its enterprise software. An additional 16% of revenues were generated through its software development services.

In March, Ninetowns closed its B2B website, Tootoo.com. The company claimed, “This decision was made in light of the recent major changes in the global economic environment and is expected to enable Ninetowns to better manage its investments for long-term growth. The discontinuation of the B2B business is not expected to have a material financial impact on Ninetowns’ other business solutions.” Source: Ninetowns press release

BIIA Newsletter June 2009 Issue