Easy Car Network Q2 revenue for RMB 522.3 million year-on-year growth of 54.5%

Abstract: Yesterday evening news, Easy Car network released the fiscal year ended June 30 in the second quarter of 2014 financial results. Revenue of 522.3 million yuan (about 84.2 million U.S. dollars), the year-on-year growth of 54.5%. Based on international Financial Reporting Standards (IFRS), the second quarter profit was RMB 115.9 million

Yesterday evening news, the Easy Car network released the end of June 30, the second quarter of fiscal year 2014 earnings. Revenue of 522.3 million yuan (about 84.2 million U.S. dollars), the year-on-year growth of 54.5%. Based on IFRS, profits for the second quarter were 115.9 million yuan (about 18.7 million U.S. dollars), up 107.6% per cent year-on-year. Based on non-US General Accounting Standards (NON-GAAP), profits for the second quarter were 124.2 million yuan (about 20 million U.S. dollars), up 110.3% per cent year-on-year.

According to Yahoo's financial data, 2 of Wall Street analysts expect the US Depository Receipts (ADS) to be diluted at $0.39 trillion in the second quarter of NON-GAAP, which is not based on US general accounting standards. Earnings showed that the second quarter of Easy car network ads non-US general accounting standards for the basic income of 0.45 U.S. dollars, higher than analysts expected.

Also, on average, 2 Wall Street analysts expect the second-quarter revenue to be $79.37 million. The results showed the second-quarter revenue of the net was 84.2 million dollars, higher than analysts had expected.

Second Quarter Performance Summary:

Revenue of 522.3 million yuan (about 84.2 million U.S. dollars), the year-on-year growth of 54.5%.

Gross profit of 419.3 million yuan (about 67.6 million U.S. dollars), an increase of 64.3%.

Operating profit of 131.8 million yuan (about 21.2 million U.S. dollars), an increase of 159.5%.

Based on IFRS, profits for the second quarter were 115.9 million yuan (about 18.7 million U.S. dollars), up 107.6% per cent year-on-year.

Based on non-US General Accounting Standards (NON-GAAP), profits for the second quarter were 124.2 million yuan (about 20 million U.S. dollars), up 110.3% per cent year-on-year.

Based on non-US general accounting standards, the basic and diluted earnings per share of US depository shares are RMB 2.99 (about 0.48 U.S. dollars) and RMB 2.80 (about 0.45 USD) respectively.

Second quarter performance analysis:

Revenue of 522.3 million yuan (about 84.2 million U.S. dollars), the year-on-year growth of 54.5%. Among them, advertising and subscription services revenue of 468.6 million yuan (about 75.5 million U.S. dollars), agent service revenue of 53.7 million yuan (about 8.7 million U.S. dollars).

The revenue cost was 103 million yuan (about 16.6 million U.S. dollars), up 24.4% per cent from the 82.8 million yuan (about 13.4 million US dollars) a year earlier. Revenue costs accounted for 19.7% of revenue, compared with 24.5% a year earlier.

Gross profit of 419.3 million yuan (about 67.6 million U.S. dollars), an increase of 64.3%.

Sales and administrative expenses were 255.9 million yuan (about 46.2 million U.S. dollars), up 40.4% per cent year-on-year.

The cost of product research and development is 31.6 million yuan (about 5.1 million U.S. dollars), up 42.5%.

Equity incentive spending was 8.3 million yuan (about 1.3 million US dollars), compared with 3.2 million yuan a year earlier (about $500,000).

Operating profit of 131.8 million yuan (about 21.2 million U.S. dollars), an increase of 159.5%.

The income tax was 20.9 million yuan (about 3.4 million U.S. dollars), compared with 2.2 million yuan (about 400,000 US dollars) a year earlier.

Based on IFRS, profits for the second quarter were 115.9 million yuan (about 18.7 million U.S. dollars), up 107.6% per cent year-on-year.

The basic and diluted earnings per share of the United States depository shares are RMB 2.79 (about 0.45 U.S. dollars) and RMB 2.61 (about 0.42 US dollars) respectively.

Based on non-US General Accounting Standards (NON-GAAP), profits for the second quarter were 124.2 million yuan (about 20 million U.S. dollars), up 110.3% per cent year-on-year.

Based on non-US general accounting standards, the basic and diluted earnings per share of US depository shares are RMB 2.99 (about 0.48 U.S. dollars) and RMB 2.80 (about 0.45 USD) respectively.