China Real Estate Information Corp. (CRIC), a provider of real estate information and consulting and advertising services, Tuesday reported a surge in its fourth-quarter profit, driven by the acquisition of China Online Housing Technology. The company also provided revenue outlook for the first quarter of fiscal 2010.
The company's fourth-quarter net income attributable to CRIC shareholders was $32.4 million or $0.24 per ADS, an increase of 507% from $5.34 million or $0.07 per ADS, in the same quarter of 2008. The results included $22.1 million attributable to China Online Housing Technology, or COHT.
In October 2009, the company completed its initial public offering and acquisition of Sina Corp.'s (SINA) 66% equity interest in online real estate business COHT.
Non-GAAP net income attributable to CRIC shareholders rose to $17.81 million or $0.13 per ADS from $5.88 million or $0.08 per ADS last year.
Fourth-quarter income from operations was $12.3 million, up 114% from $5.8 million in the same quarter in 2008. Non-GAAP income from operations climbed to $19.2 million from $6.3 million a year ago.
China Real Estate also reported quarterly revenues of $41.32 million, an increase of 203% from $13.63 million for the same quarter in 2008. The revenue results include $13.8 million attributable to COHT. The remainder of the company's total revenue was $27.5 million, an increase of 102% from $13.6 million for the same quarter in 2008.
The company's revenues from real estate information and consulting services rose 67% to $21.9 million from $13.2 million last year. The increase was due to further expansion of the coverage and marketing of the CRIC database as well as higher consulting revenues resulting from increased number of consulting clients and projects in 2009.
Revenues from real estate advertising services totaled $5.6 million, up from $0.5 million in the previous year.
For fiscal 2009, China Real Estate reported net income attributable to CRIC shareholders of $55.60 million, an increase of 151% from $22.16 million in the previous year. Earnings per share were $0.63 per ADS, compared with $0.31 per ADS in fiscal 2008. Non-GAAP net income attributable to CRIC shareholders soared 88% to $44.2 million or $0.50 per ADS from $23.5 million or $0.33 per ADS a year ago.
China Real Estate also reported full-year total revenues of $95.65 million, an increase of 91% from $50.01 million for the full year 2008.
On average, three analysts polled by Thomson Reuters expected a profit of $0.30 per share for the year on revenues of $106.55 million.
Going ahead, the company expects revenues of $24 million to $26 million for the first quarter of fiscal 2010. This revenue estimate includes estimated revenues of $7 million to $8 million from COHT. Excluding COHT revenues, first-quarter revenues are expected to be $17 million to $18 million, an increase of 40% to 48% over the same quarter of 2009.
"We believe the real estate market in China will be relatively stable with no major turmoil in 2010, which provides the ideal operating environment for our real estate information, consulting, advertising and online businesses. Overall, we are confident in our ability to continue our growth in 2010," said, Xin Zhou, CRIC's co-chairman and chief executive officer.
CRIC closed Monday's trading at $10.01, up $0.01, on a volume of 204,600 shares. In pre-market trading, the company's shares dropped 1.60% or $0.16 to $9.85.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.