China Real Estate Information Corp. reported financial results and an operational update for the first quarter of 2011. The company also provided an updated business outlook for the current quarter.
China Real Estate Information reported sales of $42.0 million in the first quarter of 2011, compared to sales of $27.2 million in the same quarter of 2010. This represented an increase of 55% on a year over year basis. The reported sales also exceeded the company’s first quarter sales guidance range of $39 million to $41 million.
The management of China Real Estate Information attributed the large year over year increase in sales to strong results in the Online Services segment, where the company gained market share in many different cities during the quarter.
China Real Estate Information estimates that the company’s sales for the second quarter of 2011 will range from $52 million to $54 million. The company reported sales of $37.4 million in the second quarter of 2010.
China Real Estate Information continued its stock buyback program during the quarter and reported the purchase of two million of the company’s American Depository Share (ADS) at an average price of $7.86 each.
For more information on the company, go to www.cric.com