SouFun releases summary of third quarter results

SouFun (Nyse:sfun) released its third-quarter financial results for fiscal year 2013 today, with revenue of $185 million, up 45.4% per cent year-on-year. Net profit of 96.6 million U.S. dollars, an increase of 72%.

Third quarter Performance Summary:

Revenue of 185 million U.S. dollars, an increase of 45.4%.

Operating profit of 110.6 million U.S. dollars, an increase of 65.5%. Based on non-US General Accounting Standards (NON-GAAP), operating profit was 112.3 million U.S. dollars, an increase of 64.3% per cent year-on-year.

Net profit of 102.7 million U.S. dollars, an increase of 108.9%. Diluted earnings per share of 1.22 U.S. dollars, an increase of 100%. Based on non-US general accounting standards, net profit of 96.6 million U.S. dollars, an increase of 72%. Diluted earnings per share of 1.15 U.S. dollars, an increase of 64.3%.

Third quarter performance analysis:

Revenue of 185 million U.S. dollars, an increase of 45.4%.

The Network Marketing Service (Marketing services), which has a revenue of $86.5 million, grew 8.5% from a year earlier of 79.7 million dollars.

E-commerce services revenue of 49.7 million U.S. dollars, compared with the same period of 25.6 million U.S. dollars a 94.2% increase.

House listings (Listing Services) revenue of 46.3 million U.S. dollars, compared with the same period of 20.3 million U.S. dollars a year ago, an increase of 128%.

Other value-added services, with a revenue of $2.6 million trillion, rose 57.5% from 1.6 million dollars a year earlier.

The revenue cost was 28.5 million dollars, compared with 20.8 million dollars a year earlier, 37%.

Gross margin was 84.6%, compared with 83.6% a year earlier.

Operating expenses were $46.2 million trillion, up 16.6% from 39.6 million dollars a year earlier.

Sales were $25.4 million trillion, up 23.1% from 20.6 million dollars a year earlier.

The general and administrative expenses were $20.7 million, compared with 9.5% for the same period of 18.9 million dollars a year earlier.

Operating profit of 110.6 million U.S. dollars, compared with the same period of 66.8 million U.S. dollars in the growth of 65.5%.

Income tax was $14.2 million trillion, down 29.2% from 20 million dollars a year earlier.

Net profit of 102.7 million U.S. dollars, an increase of 108.9%. Diluted earnings per share of 1.22 U.S. dollars, an increase of 100%.

The Adjusted EBITDA (profit before tax depreciation and amortization) was $117.6 million, up 67.4% from the 70.2 million dollar a year earlier.

As of September 30, 2013, SouFun had cash, cash equivalents and a short-term investment of USD 320.7 million, compared with $143.6 million as at December 31, 2012. Cash flows from operating activities in the third quarter were $126.3 million trillion, up 123.7% from 56.4 million dollars a year earlier.

Performance Outlook

The house is expected to increase the revenue forecast for fiscal year 2013 from 538 million US dollars to 548 million U.S. dollars (up 25% to 27%) to 605 million US dollars (up 615 million to 40.6%).

Conference

The SouFun management team will hold a conference call on the eastern time of November 7 8 o'clock in the morning (9 o'clock Beijing time November 7). SouFun website Investor Relations channel Http://ir.soufun.com will broadcast the teleconference on the Internet and provide recordings.