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 first quarter ended March 31, 2011.
Highlights for First Quarter 2011
- Revenues grew 54.2% to US$40.8 million compared to the first quarter of 2010, and a 68.7% year-over-year increase excluding the effects from prepaid card business.
- Operating income was US$5.9 million, an increase of 100.3% compared to the first quarter of 2010. Non-GAAP operating income was US$7.9 million, an increase of 69.8% compared to the first quarter of 2010.
- Net income attributable to shareholders was US$5.7 million, an increase of 142.1% compared to the first quarter of 2010. Non-GAAP net income attributable to shareholders was US$7.7 million, an increase of 89.7% compared to the first quarter of 2010.
“We are happy to see our continuous growth momentum in the first quarter of 2011,” said Vincent Mo, Executive Chairman of SouFun. “SouFun benefits from its strong market leadership in China’s dynamic real estate and home furnishing markets. SouFun will continue to focus on providing internet products and services to everything home in China and its new e-commerce initiative is expected to bring in new revenue potentials.”
Financial Results for First Quarter 2011Revenues For the first quarter of 2011, SouFun had total revenues of US$40.8 million, an increase of 54.2% compared to US$26.4 million for the same period of 2010. After excluding the effects from prepaid card business, total revenues for the first quarter of 2011 grow 68.7% compared to the same period of 2010. Revenue from marketing services was US$28.2 million for the first quarter of 2011, an increase of 57.3% compared to US$17.9 million for the same period of 2010.
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