(Yicai Global) March 10 -- Shares of KE Holdings, also known as Beike Zhaofang, surged after China’s biggest online real estate agent reported a 14.6 percent increase in revenue for last year.

KE [NYSE: BEKE] closed nearly 7.8 percent higher yesterday at USD14.46. In pre-market trading in New York, the stock was down 6.6 percent at USD13.50 as of 5.27 a.m. local time.

Revenue was CNY80.8 billion (USD12.7 billion) in the year ended Dec. 31, driven by a 10.1 percent increase in total gross transaction volume to CNY3.9 trillion (USD604.7 billion), the Beijing-based company said in an earnings report released yesterday.

Revenue growth showed KE’s “resilience” in the face of a market slump in the second half of last year, said Chief Financial Officer Xu Tao.

KE also reported a not-unexpected loss of CNY525 million (USD82 million), mainly due to rising staff costs, credit loss provisions, and goodwill impairment. That compared with a net profit of CNY2.8 billion (USD443 million) in 2020.

Income from existing home transactions and new home transaction services rose 4.5 percent and 22.5 percent, respectively. Operating costs jumped 22.5 percent to CNY17.2 billion (USD2.7 billion).

For the fourth quarter, KE’s net loss was CNY933 million, versus a net profit of CNY1.1 billion a year earlier. Revenue plunged 21.5 percent to CNY17.8 billion and its GTV was CNY732.4 billion (USD114.9 billion), down 34.6 percent.

“We will move forward prudently, but dream big, as we commit to further invest in the immense and expanding industry of ‘better living’, such as our home renovation and furnishing services, and inclusive housing services,” Xu said.

KE expects revenue for the first quarter of this year to drop between 39.6 percent and 44.4 percent to CNY11.5 billion to CNY12.5 billion.

The Beike brand had over 51,000 stores as of the end of last year, an 8.7 percent annual increase. Its agent numbers fell 7.8 percent to 454,504. Monthly active users slumped 22.4 percent to 37.4 million.

Editor: Futura Costaglione