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E-House (EJ) Posts Solid Q1, Positive Outlook for Q2 and Beyond

E-House (China) Holdings Limited, a leading real estate services company in China, today announced its unaudited financial results for the fiscal quarter ended March 31, 2011. All RMB amounts were translated into U.S. dollar amounts.

First quarter total revenues were $83.3 million, an increase of 17 percent from $71.4 million for the same quarter of 2010. Primary real estate agency services contributed $39.3 million of revenue, a decrease of 7 percent from $42.4 million for the same quarter of 2010. First-quarter revenues from secondary real estate brokerage services were $5.2 million, an increase of 18 percent from $4.4 million for the same quarter of 2010.

CRIC, a subsidiary of E-House, reported first-quarter revenues of $38.1 million, an increase of 57 percent from $24.2 million for the same quarter of 2010.

E-House posted a first-quarter net loss of $1.5 million, compared to net income of $11.7 million for the same quarter of 2010.

First-quarter net loss attributable to E-House shareholders was $0.5 million, or $(0.01) loss per diluted ADS, compared to net income attributable to E-House shareholders of $10.6 million, or $0.13 per diluted ADS, for the same quarter of 2010.

As of March 31, 2011, the company had a cash balance of $452.5 million.

E-House also offered second quarter 2011 guidance, with expectations of revenues to range between $84 million to $86 million, up 18 percent to 21 percent from $71.2 million reported for the second quarter of 2010.

“In light of the unfavorable market environment, we continue to focus on expanding our business in our existing cities and establishing our presence in additional tier-three cities. We believe it is important to diversify our geographic and client mix in light of the policy impact on tier-one and tier-two cities,” Xin Zhou, E-House’s executive chairman stated in the press release. “Our recent successful launch of a project developed by Country Garden in a township near Nanjing, where we sold nearly 2,000 units on the day of launch, demonstrates our ability to execute major projects and deliver value for our clients in challenging market conditions, and also indicates that underlying demand for real estate purchase remains strong. Meanwhile, our online business segment continues to show impressive growth in market share and revenue, taking advantage of developers’ increased efforts to market their products.”

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