SouFun Holdings Limited, a leading property portal in China has reported a 34.2 percent boost in its revenues in its financial results for the second quarter of 2016.
Total revenue increased to $287 million from $213.9 million, mainly attributed to a 77.4 percent increase in revenue from e-commerce services to $189.5 million.
Revenue from marketing services dropped 15.2 percent to $51.4 million compared to the corresponding period in 2015. Revenue from listings was also down 22.3 percent from $34.6 million to $26.9 million, primarily due to the increased in-house agents' usage.
However, a rapid growth in financial services to real estate brokerage services led to an 176.4 percent increase in revenue from internet financial services from $4 million to $11.1 million.
Cost of revenue went up overall 115.9 percent from $107.0 million to $231.1 million mainly because of the cost of increased staff from the real estate brokerage services for secondary homes.
Operating expenses went up slightly from $84.5 million to $88.6 million, a rise of 4.8 percent but selling expenses dropped 4.7 percent from $54.8 million to $52.3 million.
Operating loss was $32.8 million for the three months ended June 30, 2016, compared to operating income of $22.3 million for the corresponding period in 2015. And the net loss attributable to Fang's shareholders was $40.6 million for the three months ended June 30, 2016, compared to net income $16.2 million for the corresponding period in 2015.
Fang operates the leading real estate Internet portal in China in terms of the number of page views and visitors to its websites including soufun.com.
The company offers marketing, e-commerce, listing and other value-added services for China's fast-growing real estate and home furnishing and improvement sectors.