(RTTNews) - Tuesday, E-House (China) Holdings Ltd.(EJ: News ), a real estate service company, said its third quarter earnings more than tripled from last year, as revenues surged year-on-year. Going forward, the company guided its fourth quarter revenues, which is estimated to grow in the range of 164% to 172% over last year.

The Shanghai, China based E-House's third quarter net income attributable to E-House shareholders surged to $34.91 million or $0.43 per ADS, up from $10.9 million or $0.13 per ADS reported in the same period last year.

Excluding share-based compensation expenses, net income more than tripled to $37.2 million or $0.46 per ADS, compared to $12.0 million or $0.14 per ADS for the same period last year. On average, three analysts polled by Thomson Reuters expected the company to earn $0.31 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues more than doubled to $86.16 million from $39.33 million reported in the same period a year ago. Analysts anticipated revenues of $78.98 million.

Primary real estate agency service revenues were $59.4 million, an increase of 195% from $20.1 million for the same quarter of 2008.

CRIC, a subsidiary of E-House, generated revenues of $20.5 million, up 19% from $17.2 million for the same period a year ago.

Commenting on the operations, Gordon Jianjun Zang, E-House's acting chief executive officer, said, "During the third quarter, we were able to achieve impressive growth in the GFA and transaction value of new properties sold as well as primary agency service revenues."
"We also achieved impressive profit growth and substantially higher profit margins compared to last year, thanks to improvements in our project management skills and efficiency," Zang added.

Year-to-date, net income attributable to E-House shareholders soared to $61.33 million or $0.76 per ADS from $31.32 million or $0.39 per ADS in the corresponding period last year.

Excluding share-based compensation expenses, net income attributable to E-House shareholders was $67.32 million or $0.84 per ADS, an increase from $34.12 million or $0.42 per ADS for the same period last year.

E-House' total revenues for the first nine months of 2009 advanced 58% to $182.45 million from $115.53 million for prior year period.

"For the whole year of 2009, we expect to achieve more than 10 million square meters of new properties sold, which will set an industry record and further solidify our industry leadership position," said Xin Zhou, E-House's executive chairman.

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