(RTTNews) - Tuesday, China Real Estate Information Corp. (CRIC: News ), a subsidiary of E-House (China) Holdings Ltd. (EJ: News ), reported an increase in third quarter earnings, reflecting a jump in revenues from last year. Moving ahead, the company issued its fourth quarter revenue estimate.

The Shanghai, China based company's third-quarter net income attributable to CRIC shareholders rose to US$ 12.2 million or US$ 0.16 per ADS, from US$ 9.6 million or US$ 0.13 per ADS for the same period a year ago.

Adjusted net income rose to US$ 13.27 million or US$ 0.18 per ADS from US$ 9.95 million or US$ 0.14 per ADS a year ago. Adjusted net income excludes expenses relating to share-based compensation and amortization of intangible assets resulting from business acquisitions.

Total quarterly revenue advanced 35% to US$ 23.13 million from US$ 17.15 million for the same quarter in 2008.

The company indicated that the growth in revenues was primarily due to an increase in data integration and subscription as the company further expanded coverage and marketing of the CRIC database in 2009.

Revenues from real estate advertising services were substantially up at US$ 3.4 million for the quarter, compared to US$ 0.5 million a year ago.
Bin Laurence, chief financial officer, commented, "Compared to an exceptionally strong third quarter in 2008, we still achieved significant year-over-year growth in both revenues and net income in the third quarter of 2009. In addition, we have been able to maintain our high profit margins while growing our business rapidly. Our operating income and net income margins were both over 50% in the third quarter of 2009."

Year-to-date, the company had net income of US$ 23.2 million or US$ 0.32 per ADS, up from US$ 16.82 million or US$ 0.24 per ADS in the corresponding period last year. Excluding items, adjusted net income grew to US$ 26.37 million or US$ 0.36 per ADS from US$ 17.66 million or US$ 0.25 per ADS in the previous year.

Looking ahead, the company estimates that its revenues for the fourth quarter of 2009 will be in the range of US$ 37 million to US$ 39 million.

CRIC is trading at $14.21, down $1.48 or 9.43%, on a volume of about 236 thousand shares.

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by RTT Staff Writer

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