China’s CNinsure Inc. has announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2007. The bulletin noted that the earnings announcement “contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2946 to US$1.00.
In a separate bulletin CNinsure announced that David Tang would resign from his position as Chief Financial Officer and Vice President of the company, effective April 1, 2008 (See related article).
Highlights cited by the report for the fourth quarter included the following:
— Total net revenues: RMB158.7 million (US$21.8 million), representing an increase of 35.8 percent quarter-over-quarter and an increase of 80.9 percent year-over-year, exceeding the previous guidance of RMB135.0 million to RMB150.0 million.
— Net revenues from commissions and fees: RMB158.5 million (US$21.7 million), representing an increase of 36.4 percent quarter-over-quarter and an increase of 81.3 percent year-over-year.
— Net income: RMB53.8 million (US$7.4 million), representing an increase of 26.8 percent quarter-over-quarter and representing an increase of 105.0 percent year-over-year.
— Basic and diluted net income per ADS: RMB1.284 (US$0.176) and RMB1.275 (US$ 0.175), respectively.
Highlights for Fiscal Year 2007 were given as follows :
— Total net revenues: RMB448.2 million (US$61.4 million), representing an increase of 81.8 percent from 2006.
— Net revenues from commissions and fees: RMB447.0 million (US$61.3 million), representing an increase of 81.9 percent from 2006.
— Net income: RMB154.9 million (US$21.2 million), representing an increase of 170.0 percent from 2006.
— Basic and diluted net income per ADS: RMB4.396 (US$0.603) and RMB4.380 (US$0.600), respectively.
Commenting on the fourth quarter results, Yinan Hu, Chairman and CEO, stated: “We are pleased to report strong financial results for the fourth quarter which exceeded our previous estimate. In 2007, the insurance market and insurance intermediary market in China continued to grow rapidly. By executing our existing growth strategy we believe that CNinsure, led by an experienced management team, is well positioned to capture the growth opportunities.”
He also indicated that CNinsure intends to continue to expand in China “through selective acquisitions and our entrepreneurial agent program while enhancing our operating platform through IT system improvement.” He noted that the broker is committed to “further deepen relationships with insurance companies, by helping them launch customized products to be exclusively distributed through our network.”
Further the full report and information access the Company’s web site at- http://www.cninsure.net .
A replay of the earnings conference call, held on Monday, Feb. 25, will be available for three days as follows: 3005-2020 (Hong Kong); +852-3005-2020 (International) – PIN number: 134074#. In addition a live and archived web cast of this call will be available at: http://www.corpasia.net/us/CISG/irwebsite/index.php?mod=event .
Source: CNinsure Inc.
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