E-House Cuts Q3 2012 Loss to USD 20 Mln
E-House, 11/15/12
Chinese real estate firm E-House (NYSE: EJ) has announced its financial results for the three and nine month periods ended September 30, 2012. Q3 2012 total revenues were USD 136.6 mln, an increase of 25% YoY from USD 109.3 mln for the same quarter of 2011. For the first nine months of 2012, total revenues were USD 309.9 mln, an increase of 9% YoY from USD 284.2 mln for the same period of 2011.
Third quarter net loss was USD 20.1 mln, as compared to net loss of USD 425.6 mln for the same quarter of 2011. For the first nine months of 2012, net loss was USD 65.6 mln, as compared to net loss of USD 433.1 mln for the same period of 2011.
Third quarter revenues from real estate brokerage services were USD 60.2 mln, an increase of 35% YoY from USD 44.6 mln for the same quarter of 2011. For the first nine months of 2012, revenues from real estate brokerage services were USD 133.4 mln, an increase of 5% YoY from USD 127.6 mln for the same period of 2011.
Third quarter revenues from primary real estate agency services were USD 56.0 mln, an increase of 39% YoY from USD 40.2 mln for the same quarter of 2011. This increase was mainly due to a 35% increase in total GFA of new properties sold and a 37% increase in total transaction value of new properties sold.
For the first nine months of 2012, revenues from primary real estate agency services were USD 122.3 mln, an increase of 8% from USD 112.8 mln for the same period of 2011. This increase was mainly due to a 15% increase in total GFA of new properties sold and a 7% increase in total transaction value of new properties sold.
Third quarter revenues from secondary real estate brokerage services were USD 4.2 mln, a decrease of 3% YoY from USD 4.4 mln for the same quarter of 2011. As of September 30, 2012, E-House had a total of 68 secondary real estate brokerage stores in four cities in China, compared to 107 stores as of September 30, 2011 and 69 stores as of June 30, 2012. For the first nine months of 2012, revenues from secondary real estate brokerage services were USD 11.1 mln, a decrease of 25% YoY from USD 14.8 mln for the same period of 2011. This decrease was mainly due to the combined effect of lower rental transaction volume and a decrease of total transaction value of secondary real estate sold, which was in turn caused by the company's closing of a number of stores from 2011 in order to reduce costs and optimize the company's store network.
Third quarter revenues from real estate online services were USD 52.6 mln, an increase of 34% YoY from USD 39.3 mln for the same quarter of 2011. This increase was mainly due to revenue growth in existing and new cities that the company entered since 2010, as well as growth in e-commerce revenues.
For the first nine months of 2012, revenues from real estate online services were USD 113.8 mln, an increase of 25% YoY from USD 90.7 mln for the same period of 2011. This increase was mainly due to revenue growth in existing and new cities that the Company entered since 2010, as well as growth in e-commerce revenues.
Third quarter revenues from real estate information and consulting services were USD 16.5 mln, a decrease of 9% YoY compared to USD 18.2 mln for the same quarter of 2011. The decrease was mainly due to a decline in consulting services revenue, partially offset by an increase in revenues from information services.
For the first nine months of 2012, revenues from real estate information and consulting services were USD 41.1 mln, a decrease of 12% YoY from USD 46.6 mln for the same period of 2011. The YoY decrease was primarily due to a reduction in land transaction-related consulting fees, as well as a reduction in other consulting revenues from property developments due to the weak real estate market, partially offset by an increase in revenues from information services.
Third quarter revenues from other services were USD 7.3 mln, compared to USD 7.2 mln for the same quarter of 2011. For the first nine months of 2012, revenues from other services were USD 21.6 mln, an increase of 11% YoY from USD 19.3 mln for the same period of 2011. The increase was mainly due to the expansion of promotional event services in the first nine months of 2012.
The company currently estimates that its revenues for the fiscal year ending December 31, 2012 will be in the range of USD 440 mln to USD 460 mln, an increase of 10% to 15% from USD 401.6 mln in 2011.
To view the complete report please see here.
Keywords: Internet loss revenue E-House EJ Q3 2012 fiscal report online real estate
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