Noah Holdings Q2 Profit Surges

(RTTNews) - Noah Holdings Ltd (NOAH), Wednesday reported a surge in profit for the second quarter, driven mainly by soaring revenues and stronger margins. The company also said it appointed Theresa Teng as its new CFO.

Net income attributable to shareholders for the second quarter rose to $14.4 million or $0.26 per ADS from $6.2 million or $0.11 per ADS last year.

Adjusted net income attributable to shareholders for the second quarter surged to $16.1 million or $0.29 per ADS from $7.1 million or $0.12 per ADS last year.

Net revenues for the second quarter surged 132.1 percent to $44.3 million from $19.1 million last year. Revenue growth was driven mainly by increases in both one-time commission revenues and recurring service fees.

Operating margin advanced to 41.6 percent from 37.7 percent last year.

The company said it appointed Theresa Teng as its Chief Financial Officer replacing Tao Thomas Wu, effective August 21, 2013. Wu will continue his service for the company and will help the company explore new business initiatives.