E-House, a leading real estate services company in China, has announced its unaudited financial results for the fiscal quarter and nine months ended September 30, 2008.
Total revenues were $39.3 million for the third quarter of 2008, an increase of 28% from $30.6 million for the same quarter in 2007.
For the first nine months of 2008, total revenues were $115.5 million, an increase of 63% from $70.7 million for the same period in 2007.
Net income for the third quarter of 2008 was $10.9 million, an increase of 28% from $8.5 million for the same quarter in 2007.
For the first nine months of 2008, net income was $31.3 million, an increase of 62% from $19.3 million for the same period in 2007.
Xin Zhou, E-House’s chairman and chief executive officer, said, ‘During the third quarter, China’s real estate industry experienced its most severe downturn in recent history.
‘The continued deterioration in sentiment among potential real estate buyers, a slowdown in China’s economy and the Beijing Olympic Games all contributed to the sharp decline in both primary and secondary real estate transaction volumes across most of the cities where we operate.
‘The total sales volume of properties sold by E-House also declined compared to the third quarter of 2007, when the market was at its peak. However, we were still able to achieve revenue and profit growth, largely due to our rapidly expanding consulting and information services business.’
Source: Fox Business