Noah Holdings Q3 Profit Surges

(RTTNews) - Noah Holdings Ltd. (NOAH) reported net income for the third quarter of US$14.0 million or US$0.25 per ADS, compared to US$7.5 million or US$0.14 per ADS for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was US$15.3 million or US$0.27 per share, compared to US$8.6 million or US$0.15 per share in the prior year quarter.

Net revenues for the third quarter rose 61% to US$41.46 million from US$25.76 million a year ago, due to increases in both one-time commission revenues and recurring service fees.

Looking forward, the company continues to expect full year 2013 adjusted net income to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%.