BEIJING, May 14, 2020 (GLOBE NEWSWIRE) — China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the “Company”), a leading real estate information and analytics service platform provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.First Quarter 2020 HighlightsTotal revenues were RMB132.8 million, an increase of 11.5% from RMB119.1 million in the corresponding period of 2019.Operating income was RMB69.5 million, an increase of 9.8% from RMB63.3 million in the corresponding period of 2019.Net income was RMB63.8 million, an increase of 19.9% from RMB53.2 million in the corresponding period of 2019.“Despite the unprecedented pandemic, we still achieved double digit growth in Q1, for both top line revenue and bottom line profit,” commented Yu Huang, CEO of CIH. “We believe that our data and technology will play an even more important role in empowering our clients in China’s property markets during and after the pandemic.”CIH reported total revenues of RMB132.8 million in the first quarter of 2020, an increase of 11.5% from RMB119.1million in the corresponding period of 2019.Revenues from information and analytics services (SaaS) were RMB61.4 million in the first quarter of 2020, an increase of 8.1% from RMB56.8 million in the corresponding period of 2019, primarily due to an increase in number of customers.Revenues from marketplace services were RMB71.4 million in the first quarter of 2020, an increase of 14.6% from RMB62.3 million in the corresponding period of 2019, primarily due to an increase in number of customers.Cost of RevenueCost of revenue was RMB19.5 million in the first quarter of 2020, a decrease of 14.5% from RMB22.8 million in the corresponding period of 2019, primarily due to a decrease in campaign cost as offline themed campaigns were restricted or prohibited due to the quarantine measures implemented in China in response to the outbreak of COVID-19.Operating Expenses
Operating expenses were RMB43.8 million in the first quarter of 2020, an increase of 32.7% from RMB33.0 million in the corresponding period of 2019.Selling and marketing expenses were RMB23.9 million in the first quarter of 2020, an increase of 12.2% from RMB21.3 million in the corresponding period of 2019, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount.General and administrative expenses were RMB19.9 million in the first quarter of 2020, an increase of 69.7% from RMB11.7 million in the corresponding period of 2019, primarily due to increase in personnel costs to support our business expansion and the accrual of professional fees.Operating IncomeOperating income was RMB69.5 million in the first quarter of 2020, an increase of 9.8% from RMB63.3 million in the corresponding period of 2019.Income Tax ExpensesIncome tax expenses were RMB11.0 million in the first quarter of 2020, an increase of 7.8% from RMB10.2 million in the corresponding period of 2019.Net IncomeNet income was RMB63.8 million in the first quarter of 2020, an increase of 19.9% from RMB53.2 million in the corresponding period of 2019.Business Outlook
Based on current operations and market conditions, management maintains CIH’s annual revenue for 2020 to be approximately RMB695.6 million, representing a year-over-year increase of approximately 20.0%. These estimates represent management’s current and preliminary view, which are subject to change.Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash sign (#) to join the call.A live and archived webcast of the conference call will be available at http://ir.chinaindexholdings.com.About CIHCIH operates a leading real estate information and analytics service platform in China in terms of geographical coverage and volume of data points. Its services span across database, analytics, promotions and listing services for China’s real estate markets. CIH serves a substantial base of real estate participants in China, including real estate developers, brokers and agents, property management companies, financial institutions and individual professionals, with a reliable, comprehensive and seasonable collection of real estate data, complemented by a variety of powerful analytical and marketing tools. For more information about CIH, please visit http://ir.chinaindexholdings.com.Safe Harbor StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding CIH’s future financial performance, revenue guidance, growth and growth rates and market position. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond CIH’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in CIH’s filings with the U.S. Securities and Exchange Commission. CIH does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
Bay Street News