Increased revenues help lift JQW half-year profits

(ShareCast News) - Business-to-business e-commerce operator JQW said a 25% increase in half-year revenues led to an increase in pre-tax profits of CNY110m (£11.2m) against CNY105m (£10.7m) last time.Revenues at the AIM-listed company rose CNY433m (£44.2m) from CNY346m (£35.3m). Active fee paying members increased to 243,000 from 221,000 for the same period last year.However JQW's operations remain suspended for the next month for violating advertising regulations.China's Administration of Industry and Commerce received a complaint from the public that certain advertisements on the company's B2B website platform violated advertisement regulations.The company was fined CNY18,000 (£1,839) and forced to suspend operations for a month.JQW chairman Cai Yongde said he was pleased with the progress made in spite of the challenging economic climate."The group has maintained the growth in contracted sales during the period and continued to increase the number of new sales agencies which management believes is instrumental in achieving sustained future growth."The board is pleased with the progress of the e-commerce platform, which is core to the group's competitiveness, and continues to view the future with optimism."