Chinese Internet Real Estate Company Posts Quarterly Numbers
China Real Estate Information Corporation, an online real estate information service in China, announced its unaudited financial results for the third quarter and nine months ended September 30, 2010.
Total revenues for CRIC were USD47.2 million for the third quarter of 2010, an increase of 104% compared to the third quarter of 2009, exceeding the high end of the Company’s guidance range of USD44 million to USD46 million. Total revenues for the third quarter of 2010 included USD19.1 million attributable to China Online Housing Technology Corporation, an increase of 99% compared to the third quarter of 2009. The remainder was USD28.1 million, an increase of 22% compared to the same quarter of 2009.
In October 2009, CRIC completed its initial public offering and acquisition of Sina Corporation’s 66% equity interest in China Online Housing Technology Corporation, an entity that had operated Sina’s online real estate business.
Net income attributable to CRIC shareholders was USD6.6 million, or USD0.04 per diluted ADS, for the third quarter of 2010, a decrease of 46% compared to the same quarter of 2009.
Third quarter cost of revenues was USD11.7 million in 2010, a substantial increase from USD1.9 million for the same quarter of 2009. Third quarter cost of revenues in 2010 included USD7.3 million attributable to COHT. The remainder was USD4.4 million, an increase of USD2.5 million, or 141% compared to the third quarter of 2009, primarily due to cost of revenues associated with real estate promotional event services acquired in the second quarter of 2010.