* Q1 earnings $0.16/ADS vs est $0.04/ADS
* Results driven by gross floor area, new properties sold
* Shares fall 7 pct
(Adds details, background, updates share movement)
May 13 Chinese real estate services company
E-House China Holding Ltd's EJ.N quarterly profit soared past
the consensus view, driven largely by a combination of new
properties and gross floor area sold, but it projected
second-quarter revenue below market estimates.
For the second quarter, the Shanghai-based company expects
to report revenue of $66 million to $68 million.
Excluding revenue from the online real estate business
operated by China Online Housing Technology Corp, revenue is
expected to be $53 million to $54 million for the period.
Analysts were expecting E-House to report second-quarter
revenue of $82.8 million.
In a statement, Chairman Xin Zhou said the Chinese
government's move to stabilize pricing in the real estate
market could hurt the company.
"We therefore expect market transaction volume to remain
depressed over the next one to three months and transaction
prices to show signs of softening," he said.
In April, China raised mortgage rates and down payment
requirements to cool down the red hot property market, in a bid
to try and nip rising speculation and restrict credit in the
country's real estate markets.
China's real estate markets have continued to gather steam,
with investments up more than 35 percent in the first quarter.
For the first quarter ended March 31, E-House reported net
income attributable to shareholders of $10.6 million, or 13
cents per ADS, compared with $7.1 million, or 9 cents per ADS a
Excluding certain items, the company earned 22 cents per
According to Thomson Reuters I/B/E/S, the company earned 16
cents per ADS, that compares with analysts' estimates of 4
cents per ADS.
Revenue more than doubled to $71.4 million, as total gross
floor area of new properties sold rose 85 percent to 2.5
million square meters. The total value of new properties sold
doubled to $3.2 billion for the quarter.
ADS of E-House were down more than 5 percent at $14.52 in
Thursday morning trade on the New York Stock Exchange. They
touched a low of $14.25 earlier in the session.
(Reporting by Biswarup Gooptu in Bangalore; Editing by Anne