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Nasdaq-listed CNinsure's profit plunges 77.3% in Q1

May. 23, 2012 (China Knowledge) - CNinsure Inc<CISG>, a leading independent insurance intermediary company operating in China, earned RMB 54.6 million in net profit attributable to shareholders in the first quarter of this year, down 77.3% YoY from RMB 240.8 million.

On a non-GAAP basis, the Nasdaq-listed firm's net profit attributable to shareholders was RMB 58.7 million in the reporting period, reflecting a Y-o-Y decline of 27.6% from RMB 81.1 million.

Total revenue for the first quarter ended Mar. 31, 2012 were RMB 337.3 million, compared with RMB 313.7 million in the same period of last year, representing an increase of 7.5%.

Basic earnings per American Depositary Share were RMB 1.09 in the first quarter of 2012, representing a decrease of 77.3% YoY from RMB 4.80. On a non-GAAP basis, basic earnings per ADS reached RMB 1.17, 27.6% less than RMB 1.62 in the first quarter of 2011.

As of Mar. 31, 2012, the company had RMB 2.3 billion in cash.

CNinsure also expects its total revenues for the second quarter of 2012 to decrease by less than 8% from a year earlier.

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