Rapid growth of its Chinese subsidiaries has resulted in higher third-quarter revenue for North Vancouver's Open EC Technologies Inc. (TSX-V:OCE).
Revenue during the period, which ended March 31, rose to $1.4 million from $132,338 in the same period a year earlier. The bulk of the increase was generated by the company's Headware and Jinhuaye Software Chinese subsidiaries.
Jinhuaye opened a new office in Shandong province during the quarter and plans to expand staffing in the office to 50 employees from the current 20.
Open EC's nine-month revenue rose to $4.1 million from $545.973 in the same period in 2006.
The company's share price range during the past week: between $0.14 and $0.15; 52-week high: $0.27; 52-week low: $0.13.