SouFun Holdings Limited (ADR) (NYSE:SFUN): Reports Solid 3Q13 Results and Raises Revenue Guidance

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Dallas, Texas 11/11/2013 (Financialstrend) – The leading China based real estate internet portal, SouFun Holdings Limited (ADR) (NYSE:SFUN) late last week announced its unaudited 3Q13 financial results. The company reported 45.4% increase in its 3Q13 revenue at $185 million compared to 3Q12. The growth was mainly attributed to increase in listing services as well as its company’s membership e-commerce services.

Marketing Services revenue increased 8.5% in 3Q13 to $86.5 million from $79.7 million in 3Q12. E-Commerce Services revenue increased 94.2% during 3Q13 to $49.7 million from $25.6 million in 3Q12 backed by expansion of company’s membership services in existing as well as new cities. Listing Services revenue reported triple digit growth of 128% during 3Q13 to $46.3 million from $20.3 million in 3Q12 due to increase in paying agent subscribers. Other Value-Added Services revenue grew 57.5% during 3Q13 to $2.6 million from $1.6 million in 3Q12.

Operating expenses were $46.2 million in 3Q13 as compared to $39.6 million in 3Q12, suggesting almost 16.6% increase. Selling expenses were $25.4 million in 3Q13 as compared to $20.6 million in 3Q12, suggesting about 23.1% increase. The increase was mainly due to increased staff cost. General and Administrative expenses grew 9.5% from $18.9 million in 3Q12 to $20.7 million in 3Q13; again due to increased staff cost.

SouFun reported 65.5% increase in its operating income which was $110.6 million and 64.3% increase in its Non-GAAP operating income which was $112.3 million during 3Q13 as compared to 3Q12. Net income grew 108.9% during 3Q13 to $102.7 million as compared to 3Q12. Fully diluted earnings were $1.22 per share which almost doubled during 3Q13 as compared to 3Q12. Non-GAAP net income was $96.6 million or $1.15 per share during 3Q13.

The company reported cash, cash equivalents and short-term investments of $320.7 million at the end of 3Q13 compared to $143.6 million at the end of 4Q12.

SouFun raised its total revenue guidance for FY13 to $605 – $615 million from earlier forecast of $538 – $548 million.

The stock gained over 11.25% during Friday’s trade and closed at $57.19 that compares with its 52 week range of $17.05 and $59.5.

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