China-based Noah Holdings provides wealth management solutions to high net worth individuals in the country.
In the third quarter of 2010, Noah Holdings' posted a 210% year-over-year increase in net revenue to $10.2 million, attributable to higher one-time commissions and increased recurring service fees.
The company's operating margin for the quarter stood at 42.5%, compared to 19% during the same quarter in the prior year. The year-over-year upturn in operating margin was due to improved net revenue and a decrease in salary expenses. Net income rose 520% year over year to $3.1 million during the September quarter.
Noah expects net income for fiscal 2010 in the range of $12.8 million and $13.2 million, representing a 139% to 146% year-over-year increase.
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