SouFun Holdings reports 142% Q1 profit growth
SouFun Holdings (NYSE:SFUN), a Chinese online real estate and home furnishings company, said Wednesday its first quarter profit more than doubled, as revenues rose over 54%.
The company, whose website database contains real estate listings for 310 cities in China, posted net income attributable to shareholders of US$5.7 million, or 7 cents per share, compared to US$2.4 million, or 3 cents per share, in the year-ago period.
On an adjusted basis, first quarter profit was US$7.7 million, or 9 cents per share.
SouFun boasted revenues of US$40.8 million, compared to US$26.4 million in the year-ago period. Excluding the effects of the company's prepaid card service, revenues rose 68.7% year-over-year.
Revenues from its marketing services spiked 57% to US$28 million, while sales from its listing services unit soared more than 97% to US$11.3 million.
At the beginning of 2011, the company initiated its e-commerce business for home furnishing and improvement, with revenue from the segment totalling US$94,925 in the first quarter.
"We are happy to see our continuous growth momentum in the first quarter of 2011," said executive chairman, Vincent Mo.
"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."
Operating expenses rose almost 67% to US$21.7 million.
The company upped its fiscal year 2011 forecast for total revenue and said it now expects sales of between US$280 to US$290 million.
SouFun's stock price was down more than 10% on Wednesday, but its shares have motored in the past month by more than 24%.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
