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TheStreet Open House

SouFun Announces Fourth Quarter And Fiscal Year 2011 Results

SouFun Holdings Limited (NYSE: SFUN) (“ SouFun” or the “ Company”), the leading real estate and home furnishing Internet portal in China, today announced its unaudited financial results for the fourth quarter and fiscal year 2011.

Fourth Quarter 2011 Highlights

  • Revenues grew 15.1% to US$113.9 million compared to the fourth quarter of 2010, and up 18.8% year-over-year excluding the effect from prepaid card business.
  • Operating income was US$45.6 million, an increase of 5.7% compared to the fourth quarter of 2010. Non-GAAP operating income was US$47.4 million, an increase of 3.9% compared to the fourth quarter of 2010.
  • Net income attributable to shareholders was US$30.1 million, a decrease of 24.2% compared to the fourth quarter of 2010. Non-GAAP net income attributable to shareholders was US$39.4 million, a decrease of 6.7% compared to the fourth quarter of 2010.

Fiscal year 2011 Highlights

  • Revenues grew 53.2% to US$343.8 million compared to the fiscal year 2010, and up 62.5% year-over-year excluding the effect from prepaid card business.
  • Operating income was US$139.2 million, an increase of 77.5% compared to the fiscal year 2010. Non-GAAP operating income was US$146.3 million, an increase of 69.6% compared to the fiscal year 2010.
  • Net income attributable to shareholders was US$101.6 million, an increase of 61.0% compared to the fiscal year 2010. Non-GAAP net income attributable to shareholders was US$123.9 million, an increase of 66.6% compared to the fiscal year 2010.

“I am happy that SouFun had another great quarter and the company was way above its original 2011 guidance” said Vincent Mo, Executive Chairman of SouFun. “SouFun’s leadship in the market and its sound fundamental and overall experiences made its great performance happen in China’s tough real estate market in 2011. The current market situation won’t get better very soon but I’m confident that SouFun will continue to grow in 2012.”

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