China Real Estate Information Corporation
China Real Estate Information Corporation is a leading provider of online and offline real estate information and consulting services with a presence in over 50 cities across China. CRIC's proprietary, advanced and comprehensive real estate information database and analysis system provides a broad range of real estate-related services to all participants in the real estate value chain, including developers, suppliers, agents, brokers, service providers and individual consumers. CRIC's comprehensive services include subscription-based information services, customized consulting services, advertising services, and online services through several real estate websites which provide region-specific real estate information and access to online communities.
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China Real Estate Information’s shares rise on first quarter revenue guidance
China Real Estate Information Corp.'s (NASDAQ:CRIC) 2010 fourth quarter revenue came below analyst estimates but its share price rose on better-than-expected first quarter revenue forecast.
The Chinese real estate consultant's American Depositary Receipts (ADS) rallied 4.1% to trade at $7.35 as of 10:59 am EST on Wednesday.
For the quarter ended December 31, earnings attributable to the company's shareholders were roughly $10 million, or 7 cents per diluted share, down from $32.4 million, or 24 cents per diluted share, for the year-ago period.
On an adjusted basis, earnings attributable to shareholders were $17.3 million, or 12 cents per diluted ADS, in line with analyst estimates.
However, that was down from $17.8 million, or 13 cents per diluted ADS, for the fourth quarter of 2009.
Revenues, however, rose to $30.3 million from $21.9 million, but below analyst estimates of $57.5 million.
"2010 was a volatile year for China's real estate industry, with multiple rounds of government policies designed to slow down the growth in the domestic real estate market," said CEO Xin Zhou.
"In spite of this, CRIC managed to deliver the targeted growth for our online segment and our information and consulting and other services segments."
Revenues from online services rose 82% to $25.2 million while revenues from information and consulting services were $30.3 million, an increase of 38% year-over-year.
Revenues from other services, which include offline advertising and promotional events, were $6.9 million, an increase of 24%.
The company also announced a share repurchase program for up to $50 million worth of its ADS over the next year.
For the first quarter of 2011, the company expects revenues to be in the range of $39 million to $41 million, above analyst estimates of $30.7 million.
Other China Real Estate Information Corporation news
- China Real Estate swings to Q1 loss, but shares rise as sales up 55%, upbeat Q2 outlook
2011-05-31 - China Real Estate Information IPO priced at $12 per ADS
2009-10-16
