Earnings reports for both E-House, and its subsidiary China Real Estate Information (CRIC) were released yesterday and quite good. Full report for E-House here.
- Chinese real estate services company E-House China Holding Ltd's (EJ) fourth-quarter profit soared past market estimates, ramped up by a substantial increase in the gross floor area sold, and the company forecast first-quarter revenue above consensus view.
- For the latest quarter ended Dec. 31, net income attributable to shareholders was $39 million, or 49 cents per American depository share (ADS), compared with $8.3 million, or 10 cents per ADS a year earlier. According to Thomson Reuters I/B/E/S, the company earned 37 cents per ADS, before items, that compares with analysts' estimates of 30 cents per ADS.
- Revenue jumped three-fold to $117.1 million, topping analysts' expectations of $105 million, as GFA (gross floor area) of new properties sold touched 3.7 million square meters, up from 1.6 million square meters.
- Total value of new properties sold were $4 billion, up from $1.6 billion a year ago.
- For the first quarter, E-House expects to generate revenue of $69 million to $71 million. Excluding the business from its online real estate segment, it expects revenue to be between $62 million and $63 million, an increase of 89% to 92% over the same quarter in 2009.
Information on CRIC's earnings report can be found here.
China Real Estate is a subsidiary of real estate services company E-House Holdings Ltd. China Real Estate merged with the online real estate business of Chinese online portal Sina Corp. when China Real Estate completed its IPO.
[Nov 17, 2009: Rebuilding E-House Holdings Position on Blowout Earnings]
[Sep 30, 2009: China Real Estate Information Seeks US IPO Worth $200M]
[Sep 29, 2009: E-House Holdings in Investors Business Daily]
[Aug 12, 2009: E-House Holdings (EJ) Benefitting from China Housing Bubble 2.0]