Revenue at Chinese real estate portal company SouFun Holdings is up 54.2 percent year-on-year, the company announced yesterday.
SouFun operates soufun.com.cn, and was one of the world’s top listed property portal companies in terms of revenue growth and revenue generation last year. Its first quarter results for 2011 show SouFun generated US$40.8 million in revenue, while operating income jumped 100.3 percent year-on-year to a total of US$5.9 million.
Net income attributable to shareholders was also up by 142.1 percent year-on-year to US$5.7 million, while non-GAAP net income attributable to shareholders was US$7.7 million – an increase of 89.7 percent year-on-year.
Along with these increases in revenue and income, SouFun also saw a 66.7 percent jump in operating expenses to US$21.7 million. The company says this was primarily due to increased staff costs.
“We are happy to see our continuous growth momentum in the first quarter of 2011,” said Vincent Mo, SouFun’s executive chairman. “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.”
As MSNBC reports, SouFun’s shares dropped 12 percent despite this strong Q1 performance – a result that may have been due to industry analysts’ high expectations for the company.
SouFun now estimates that its total revenues for 2011 will be between US$280 million and US$290 million, which will mark 32.3 percent to 37.1 percent year-over-year growth compared 2010.