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UPDATE 1-E-House Q4 tops Street, projects Q1 rev above view
March 9, 2010 / 4:51 PM / 8 years ago

UPDATE 1-E-House Q4 tops Street, projects Q1 rev above view

* Q4 adj profit $0.37/ADS vs est $0.30

* Q4 rev up more than 200 pct

* Both GFA, total value of new properties sold, rise

March 9 (Reuters) - Chinese real estate services company E-House China Holding Ltd’s EJ.N 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 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.

Analysts were expecting revenue of $59.1 million.

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.

Excluding certain items, net income attributable to shareholders was 42 cents per ADS, the company said.

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 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.

China’s property markets have been undergoing a strong revival in recent times, helped by favorable government policies, including cheaper mortgages and lower downpayments.

ADS of the Shanghai-based company touched a high of $21.08 in morning trading Tuesday, but later gave up all its gains to trade down 1.8 percent at $20.35 on the New York Stock Exchange. (Reporting by Biswarup Gooptu in Bangalore; Editing by Maju Samuel)

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