SouFun revenue of 121.2 million U.S. dollars, an increase of 33.2%

SouFun (Nyse:sfun) today released its first-quarter earnings for fiscal year 2014, with revenue of $121.2 million, up 33.2% per cent year-on-year. Based on the U.S. General accounting standards, net profit of 41.5 million U.S. dollars, an increase of 46.2%. Based on non-US general accounting standards, net profit of 47.8 million U.S. dollars, an increase of 44%.

According to Thomson Reuters, 3 of Wall Street analysts have averaged 43.72 million U.S. dollars in the first quarter, not according to US General Accounting standards (NON-GAAP). Earnings showed that SouFun's net profit in the first quarter was 47.8 million dollars, exceeding analysts ' expectations.

In addition, 5 Wall Street analysts on average estimate that SouFun's total revenue for the first quarter was $121.07 million trillion. Earnings showed that SouFun's total revenue in the first quarter was 121.2 million dollars, higher than analysts had expected.

First quarter Performance Summary:

Revenue of 121.2 million U.S. dollars, an increase of 33.2%.

Operating profit of 49.5 million U.S. dollars, an increase of 33.1%. Based on non-US general accounting standards, operating profit of 51 million U.S. dollars, an increase of 31%.

Net profit of 41.5 million U.S. dollars, an increase of 46.2%. Diluted earnings per share of 0.10 U.S. dollars, an increase of 42.9%.

Based on non-US general accounting standards, net profit of 47.8 million U.S. dollars, an increase of 44%. Based on non-US general accounting standards, diluted earnings per share of 0.11 U.S. dollars, a year-on-year increase of 37.5%.

First quarter performance analysis:

Total revenue of 121.2 million U.S. dollars, an increase of 33.2%.

The Network Marketing Service (Marketing services), which has a revenue of $47 million, grew 31.2% from a year earlier of 35.8 million dollars.

E-commerce services revenue of 29.4 million U.S. dollars, compared with the same period of 26.1 million U.S. dollars a 11.6% increase.

House listings (Listing Services) revenue of 42.1 million U.S. dollars, compared with the same period of 26.8 million U.S. dollars a year ago, an increase of 57.1%.

Other value-added services, with a revenue of $2.7 million trillion, rose 32.3% from 2 million dollars a year earlier.

Revenue costs

Revenue costs are $24.9 million trillion, up 24.3% from 20 million dollars a year earlier.

Gross margin was 79.5%, compared with 78% a year earlier.

Operating expenses

Operating expenses were $46.9 million trillion, up 38.6% from 33.8 million dollars a year earlier.

Sales were $27.5 million trillion, up 47% from 18.7 million dollars a year earlier.

General and administrative expenses were $19.3 million, up 28.3% from 15.1 million dollars a year earlier.

Operating profit

Operating profit of 49.5 million U.S. dollars, compared with the same period of 37.2 million U.S. dollars in the growth of 33.1%.

Income tax expenditure

Income tax was $15.2 million trillion, up 30.7% from 11.6 million dollars in the same period last year.

Net profit

Net profit of 41.5 million U.S. dollars, an increase of 46.2%. Diluted earnings per share of 0.10 U.S. dollars, an increase of 42.9%.

Adjusted EBITDA

The Adjusted EBITDA (profit before tax depreciation and amortization) was $54.8 million, up 34% from the 40.9 million dollar a year earlier.

Cash

As of March 31, 2014, SouFun had cash, cash equivalents and a short-term investment of USD 943.7 million, compared with $591.1 million as at December 31, 2013. Cash flows from operating activities in the first quarter were $118.2 million trillion, up 97.7% from 59.8 million dollars a year earlier.

Performance Outlook

The total revenue of the 2014 fiscal year is expected to reach 780 million U.S. dollars to 796 million U.S. dollars, the year-on-year growth of 22.5% to 25%.

Conference：

The SouFun management team will hold a conference call on the eastern time of May 7 8 o'clock in the morning (8 o'clock Beijing time May 7). The phone number for the conference call is as follows: United States: +1 866-519-4004/+1 845-675-0437; International: +65 6723-9381; Hong Kong, China: +852 800-930-346/+852 2475-0994; Mainland China: +86 400-620-8038/+86 800-819-0121; conference call id:32485154. In addition, the SouFun website Investor Relations channel Http://ir.soufun.com will broadcast the conference call webcast and provide audio recordings.