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November 3, 2009

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Home » Business » Economy

Rebound fuels revenue target

ERNST & Young targets a double-digit growth in revenue in China in the current fiscal year starting in July to ride on the rebound in the country's economy, its China head said yesterday.

The accounting firm's business in the first quarter ended September has grown strongly, Albert Ng, Ernst & Young's China chairman and managing partner in China, said.

"The financial crisis did hit the industry," Ng said. "However, we're bullish over China's growth prospects in the long term."

Ernst & Young's revenue had expanded about 40 percent to 50 percent in China before the onset of the global financial crisis. But the economic slowdown hit its revenue which fell 4 percent in the financial year of 2008.

Initial public offerings and merger and acquisition deals are two big revenue contributors.

But the crisis also allowed the firm to move into a new and bigger location.

It signed a deal with the Shanghai World Financial Center yesterday to rent eight floors in the building in Lujiazui in Pudong New Area. It will move in July 2010 as its three present office locations can't meet its needs. Ng added the firm has secured at least another floor in the building for its future expansion.


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