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SouFun Announces Fourth Quarter And Fiscal Year 2010 Results

SouFun Holdings Limited (NYSE: SFUN, “ SouFun”), the leading real estate and home furnishing Internet portal in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010.

Highlights for Fourth Quarter 2010
  • Total revenues in the fourth quarter of 2010 were US$98.9 million, an increase of 68.2% compared to the fourth quarter of 2009.
  • Operating income in the fourth quarter of 2010 was US$43.1 million, an increase of 43.3% compared to the fourth quarter of 2009. Non-GAAP operating income in the fourth quarter of 2010 was US$45.7 million, an increase of 45.9% compared to the fourth quarter of 2009.
  • Net income attributable to shareholders in the fourth quarter of 2010 was US$39.7 million, an increase of 43.1% compared to the fourth quarter of 2009. Non-GAAP net income attributable to shareholders in the fourth quarter of 2010 was US$42.2 million, an increase of 45.9% compared to the fourth quarter of 2009.

Highlights for Fiscal Year 2010
  • Total revenues in fiscal year 2010 were US$224.5 million, an increase of 76.7% compared to fiscal year 2009.
  • Operating income in fiscal year 2010 was US$78.4 million, an increase of 62.2% compared to fiscal year 2009. Non-GAAP operating income in fiscal year 2010 was US$86.3 million, an increase of 64.4% compared to fiscal year 2009.
  • Net income attributable to shareholders in fiscal year 2010 was US$63.1 million, an increase of 19.9% compared to fiscal year 2009. Non-GAAP net income attributable to shareholders in fiscal year 2010 was US$74.4 million, an increase of 57.4% compared to fiscal year 2009.

“SouFun’s strong fourth quarter and full year 2010 financial results testified its long- term sustainable growth strategy and its emphasis on its organic growth as well as its resilient business model,” said Vincent Mo, Executive Chairman of SouFun, “Sustainable growth at a relatively high rate for a long period of time is what SouFun looks for. We have been continuingly emphasizing on internal staff development and expanding to more markets (cities) for the company’s future growth. We hired more than 2,000 new employees in the past year and expanded our coverage from 102 cities in 2009 to 310 cities by the end of January 2011. We are confident that these efforts will provide strong support to SouFun’s future growth.”

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