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EJ - E-House China Holdings Limited - Q2 2013 Earnings Call Transcript

    For the first half of 2013, revenues from our primary real estate agency services were 119 million an increase of 80% from the same period of 2012. This increase was mainly due to a 66% increase in the total GFA of new properties sold and then 82% increase in the total transaction value of new properties sold.

    Second quarter revenues from secondary real-estate brokerage services were 3 million compared to 4.1 million last year. For the first half of 2013, revenues from our secondary real-estate brokerage services were 5.9 million compared to 6.9 million last year. The decreases were mainly due to the reduction in the number of physical brokerage stores compared to the same period last year as we have shifted our secondary real estate focus from offline to online. Second quarter revenues from our real-estate online services were 71.9 million, an increase of 79% compared to last year.

    For the first half of 2013 revenues from real-estate online services were 111.7 million an increase of 83% compared to last year. The increases were mainly due to the growth in online advertising and particularly e-commerce revenues. Second quarter revenues from our real estate information and consulting services were 16.4 million an increase of 12% compared to last year.

    For the first half of 2013, revenues from real estate information and consulting services were 28 million an increase of 14% compared to last year the increases were due mostly to increased revenue from information services. Second quarter revenues from our other services which include offline real estate advertising services, promotional events services and real estate fund management services were 9.6 million mostly flat compared to 9.9 million last year. For the first half of 2013 revenues from from other services were 15.4 million, a slight increase from 14.3 million last year.

    As for cost and expenses. Second quarter cost of revenues was 69.7 million, an increase of 40% compared to last year. For the first half of 2013, cost of revenues was a 121.7 million, an increase of 39% compared to last year. The increases were a result of greater salary expenses for additional staff and higher commissions associated with increased revenues from primary real estate agency services as well as higher fees paid for content and services associated with our real estate online services. Second quarter SG&A expenses were 88.5 million mostly flat compared to 86.3 million last year. For the first half of 2013 SG&A expenses were a 163.5 million also flat compared to a 133.8 million last year.

    Moving to operating and net income . Second quarter operating income was 6.3 million compared to operating loss of 19.8 million for the same quarter of 2012. Second quarter non- GAAP operating income was 16.8 million compared to non- GAAP operating loss of 2.9 million for the same quarter of 2012. For the first half of 2013, operating loss was 4 million compared to operating loss of 74.4 million for the same period of 2012.

    For the first half of 2013, non- GAAP operating income was 17.6 million compared to non- GAAP operating loss of 42.6 million in the same period of 2012. Second quarter net income was 6.7 million compared to net loss of 11.6 million for the same quarter of 2012. Second quarter non- GAAP net income was 15.8 million compared to non- GAAP net income of 4.6 million for the same quarter of 2012.

    For the first half of 2013 net income was 0.6 million compared to net loss of 45.6 million for the same period of 2012. Non- GAAP net income for the first half of 2013 was 19.3 million, compared to a non- GAAP net loss of 15.4 million in the same quarter of same period of 2012.

    Second quarter net income attributable to E-House shareholders were $6.4 million or $0.05 per diluted ADS compared to net loss attributable to E-House shareholders are 7.8 million or $0.07 loss per diluted ADS to the same quarter of 2012.

    Second quarter Non- GAAP net income attributable to E-House shareholders was 15.3 million or $0.11 per diluted ADS compared to 6.8 million or $0.06 per diluted ADS with the same quarter of 2012. for the first half of 2013 net income attributable to E-House shareholders was 1 million or $0.01 per diluted ADS compared to net loss attributable to E-House shareholders of 33.7 million or $0.36 last per diluted ADS for the same period of 2012.

    Non- GAAP net income attributable to E-House shareholders for the first half of 2013 was 19.5 million or $0.15 per diluted ADS compared to non- GAAP net loss attributable to E-House shareholders of 10 million or $0.11 loss per diluted ADS for the same period of 2012.

    On the cash flow front, as of June 30th 2013, our cash and equivalents totaled 188.2 million, second quarter net cash generation generated in - activities was 8.2 million mainly attributable to non- GAAP net income of 15.8 million an increase in accrued payroll and welfare of 17.7 million, an increase in accounts payables of 6.0 million, a decrease in restricted cash of 6.9 million, a decrease in customer deposits of 5.1 million and an increase the income tax payable and other tax payables of 5 million, partially offset by increase in accounts receivable of 49 million.

    Second quarter net cash using investing activities was $8.2 million, mainly comprised of an $8.1 million deposit paid for investments in affiliates. Second quarter net cash used in financing activities was 20.1 million which was mainly due 20 million in dividend paid to our shareholders in the second quarter.


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