E-House China Beats Q2 Views

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E-House (China) Holdings Limited (ADR)
EJ
reported stronger-than-expected earnings for the second quarter on Tuesday. The China-based company reported quarterly net income of $8.8 million, or $0.06 per ADS, compared to $13.4 million, or $0.09 per ADS, in the year-ago quarter. Non-GAAP net income declined to $0.10 per ADS from $0.14 per ADS. Its total revenue climbed 28.7 percent year-over-year to $270.5 million from $210.1 million. However, analysts were expecting earnings of $0.05 per ADS on revenue of $245.1 million. Its revenue from real estate online services rose 34 percent to $157.8 million, while revenue from e-commerce services climbed 72 percent to $117.4 million. Revenue from online advertising services dropped 21 percent to $35.2 million, while revenue from listing services climbed to $5.2 million from $4.2 million. Selling, general and administrative expenses climbed 42 percent to $179.4 million. As of June 30, 2015, the company had $438.5 million in cash and cash equivalents balance. Xin Zhou, E-House's co-chairman and CEO, said, "As we expected, the overall Chinese property market started to warm up since the end of March, driven in part by the government's loosened credit policies and purchasing restrictions in certain cities. Despite the recent Chinese stock market volatility, the real estate sector has stayed relatively stable so far. As a result, we are on track to achieve our overall revenue target set at the beginning of the year." E-House China maintained its fiscal year 2015 revenue forecast of $1.05 billion to $1.10 billion. E-House China shares fell 13.47 percent to close at $5.01 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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