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CNinsure reports 84% surge in Q2 net income

CNinsure has reported that its net income was RMB60.6 million for the second quarter ended June 30, 2008, representing an increase of 84.2% from RMB32.9 million for the second quarter of 2007.

Total net revenues for the second quarter of 2008 were RMB214.8 million, 111% higher than RMB101.8 million for the comparable quarter of 2007. According to the company, the increase over the second quarter of 2007 was mainly attributable to higher commission rates, higher productivity of sales agents, a significant increase in the number of sales agents and contributions from newly acquired entities.

For the quarter, total operating costs and expenses improved 103.3% to RMB144.1 million from RMB70.9 million recorded in the same quarter of 2007. Net margin was 28.2% for the second quarter of 2008 when compared with 32.3% for the second quarter of 2007.

Yinan Hu, chairman and CEO of CNinsure, said: Looking forward, while continuing to focus on organic growth, we remain committed to expanding our distribution network through acquisitions, as well as building a scalable unified operating platform to achieve economies of scale and stronger profitability.