IFM Investments Q4 Net Revenue Down
Revenue from company-owned brokerage services in the fourth quarter of 2010 was RMB153.9m, a decrease of 15.6 percent from the fourth quarter of 2009.
Operating costs in the fourth quarter of 2010 were RMB61.5m, representing 36.2 percent of total net revenue, an increase of 11 percent from RMB55.4m in the third quarter of 2010, and an increase of 78.8 percent from RMB34.4 million in the fourth quarter of 2009.
Selling, general and administrative expenses in the fourth quarter of 2010 were RMB52.7m, representing 31 percent of total net revenue, an increase of 10 percent from RMB47.9m in the third quarter of 2010, and an increase of 69.5 percent from RMB31.1m in the fourth quarter of 2009.
Loss from operations in the fourth quarter of 2010 was RMB46.8m, compared to a loss from operations of RMB47.4m in the third quarter of 2010, and income from operations of RMB51.2m in the fourth quarter of 2009.
Donald Zhang, chairman and CEO of the company, said: â€œDespite challenging market conditions in 2010, Century 21 China Real Estate delivered fourth quarter and full year results which exceeded our expectations.
â€œIn a year when tightening policy restrictions impacted transaction volumes, successful execution of our network expansion strategy has enabled us to further solidify our leading position in key markets. Alongside this, our primary and commercial businesses and new consumer financing product rollouts have opened exciting new opportunities for future growth. We are also actively investigating attractive prospects for M&A where we can leverage our core competencies in complimentary business lines.â€
Will the firm improve net revenue in Q1?
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