HRnetGroup Q3 profit grows 20.2% to S$10.7m as minority interests shrink

HRNETGROUP'S third-quarter net profit rose 20.2 per cent to S$10.7 million, or 1.06 Singapore cents per share, on a drop in minority interests and growth in the flexible staffing business.

Revenue increased 7 per cent to S$97.5 million as the flexible staffing business improved in Singapore, the recruitment firm announced on Monday.

But most of the bottom-line improvement came from a S$1.4 million reduction in non-controlling interests, to S$309,000 from a year-ago S$1.7 million. That reduction came after HRnetGroup acquired minority shares in certain group subsidiaries from 22 individuals in exchange for HRnetGroup shares.

The group said that it expects to announce a series of new projects in the forseeable future amid an ongoing focus on merger and acquisition opportunities.