Boston, MA 05/27/2014 (wallstreetpr) – SouFun Holdings Ltd (NYSE:SFUN), the China based leading real estate internet portal, announced its first quarter’s financial balance sheet on May 7, 2014. The unaudited economic report for the quarter ended on March 31, 2014. However, it should be stated that the company’s first quarter revenue leaped significantly.
SouFun Holdings Ltd (NYSE:SFUN) in the quarterly announcement said that the total revenue earned by the company is 33.2 % more than that was earned a year back. The 2014’s total revenue for the company is $121.2 million, which is driven by the growth in the marketing and listing services.
Revenue from the individual sectors:
The revenue generated from the marketing services in 1Q2104 was $47 million, 31.2% hike from the prior year. SouFun Holdings Ltd (NYSE:SFUN) reported that the e-commerce services brought revenue of $29.4 million, 11.6% increase than the corresponding quarter. The revenue from value added services and listing services are quite noticeable, which stands at $2.7 and $42.1 million respectively. However, the cost of revenue also witnessed an increase of 24.3% to $24.9 million in this quarter. The surcharges and the increased tax results an increase in the cost of revenue.
Expenses in 1Q2014:
The gross margin also witnessed a little increase compared to the 1Q2013. The operating expenses in the first three months of the year were $46.9 million, 38.6% increase than the corresponding term. The Selling expenses as well the G&A (General and Administrative) expenses also increased and touched at $27.5 and $19.3 million respectively. The operating income also was dragged up by 33.1% in this quarter, which result in an increase in the operating income from $37.2 to $49.5 million.
Net income of SouFun:
The net income attributed to SouFun Holdings Ltd (NYSE:SFUN) was $41.5 million, overpowering the previous year’s net income by almost 46%. The company’s adjusted EBITDA (non-GAAP net income) in the first quarter of 2014 was $54.8 million. The executive Chairman of SouFun, Vincent Mo, stated that the company is delighted to announce the 14th successive ‘above guidance quarter.’