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 swings to Q1 loss, but shares rise as sales up 55%, upbeat Q2 outlook
China Real Estate Information Corp (NASDAQ:CRIC), a provider of real estate information consulting and online services in China, posted on Tuesday a 55% rise in sales on strength in its online business, but also swung to a loss due to increased spending.
For the first three months of the year, the Shanghai-based company reported a net loss attributable to CRIC shareholders of $1.4 million, or one cent per share, compared to a net profit of $1.9 million, or one cent per share, a year ago.
The decline was a result of spending for a number of new and expanded online real estate channels, the company said.
On an adjusted basis, net income fell to $7.0 million, compared with $10.3 million a year before. Adjusted earnings on a per share basis were 5 cents, beating analyst estimates by one cent.
Sales jumped 55% year-over-year to $42 million, up from $27.2 million a year before, as online sales more than doubled, accounting for almost half of its total revenue. The company said that total revenue exceeded its guidance range of $39 million to $41 million.
Revenue from the online services unit grew 148% to $20.5 million, due to increased market share in all major cities, after CRIC acquired its online business in October 2009, as well as the company's offering of extra services on the new and expanded online channels, including Baidu real estate channels, commercial real estate services and secondary home channels.
Revenue in the company's information and consulting services segment grew by 4% to $18 million, helped by subscriber growth to the CRIC database, partly offset by lower real estate project consulting fees.
Sales in other services, which include offline advertising and promotional events, were $3.5 million for the first quarter, an increase of 128%.
"Another highlight of our business is that we recently initiated our real estate e-commerce business, further enhancing our profile in the online real estate services segment," said Xin Zhou, CRIC's CEO and co-chairman.
"Due to the specialty and complexity involved in conducting real estate transactions, it can be difficult for buyers and sellers to complete online real estate transactions.
"As a result, we are optimistic about our e-commerce business and will continue investing in and improving this innovative platform while maintaining strong growth in our existing businesses."
First quarter selling, general and administrative expenses rose 69% to $34.8 million.
Looking ahead, CRIC projects revenues for the second quarter to be in the range of $52 and $54 million, compared to $37.4 million in the year ago period.
Shares for the company jumped by 16 cents to trade at $6.63 on Tuesday as of 2:32 p.m EST.
Other China Real Estate Information Corporation news
- China Real Estate Information’s shares rise on first quarter revenue guidance
2011-03-11 - China Real Estate Information IPO priced at $12 per ADS
2009-10-16
