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.
E-House (China) Holdings Limited (E-House) (NYSE: EJ - News) is a leading real estate services company in China. Since its inception in 2000, E-House has experienced rapid growth and is China's largest real estate agency and consulting services company with a presence in more than 30 cities. In addition to its national presence, E-House offers a wide range of services to the real estate industry through its various business segments including primary sales agency, secondary brokerage, consulting and information services, advertising and investment management.
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.