E-House Holdings Ltd. (EJ), a real estate agency services provider, on Monday, reaffirmed its revenue outlook for the second quarter of fiscal 2008 as a result of expanded business scale and market share.
For the second quarter, the company still expects revenues of $41 million - $44 million, representing an increase of 71% - 83% over the comparable quarter of fiscal year 2007. On average, three analysts surveyed by First Call/Thomson Financial estimated revenues of $42.38 million.
E-House noted that as a result of strong earthquake in Sichuan Province on May 12, it expects that the total real estate transaction volume would likely decrease substantially in the second quarter for China compared to the same period in 2007.
The company said the real estate industry in China has been in an adjustment period since the fourth quarter of 2007, characterized by reductions in transaction volumes across most geographic regions and substantial slowdown or reversal of price increases.
Among the company's strategic partners, Evergrande Real Estate Group Co., Ltd. recently completed a $600 million private equity placement and Central China Real Estate Group completed a $175 million initial public offering.
Shares of E-House Holdings are currently trading at $11.48, up 98 cents or 9.33%.
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