Sina’s 1Q profit surges on benefit from investment in real estate information venture

Sina’s 1Q profit surges on equity gain

BEIJING — Sina Corp., one of China’s most popular Internet portals, said Tuesday its first-quarter net profit surged 150 percent, helped by a gain related to its investment in a real estate information company.

Net income in the three months to March 31 rose to $24.4 million, or 37 cents per share, from $9.7 million, or 17 cents per share, a year earlier, the Shanghai-based company announced.

The earnings were helped in part by a $10 million gain on a new 33 percent stake in China Real Estate Information Corp., which was listed in October on the Nasdaq stock market in the United States.

On an adjusted basis, earnings came to 34 cents per share. That beat the 27 cents expected, on average, by analysts polled by Thomson Reuters.

Revenue grew 15 percent to $85 million from $73.8 million a year ago. Analysts were looking for $80.4 million in revenue.

Advertising revenue was up 26 percent to $54.3 million.

Sina said it expects second-quarter net revenue to be between $90 million and $93 million using accounting rules that do not conform with generally accepted accounting principles.

It expected advertising revenues to be between $70 million and $72 million on the same basis.

Sina’s shares rose $1.15, or 3.3 percent, to $36 in after-hours trading after falling 26 cents to $34.85 in the regular session on Monday.