HRNetGroup posts Q1 profit of S$16.3m, up 46% on year-ago period

CONTINUED business momentum - particularly in Singapore - for its flexible staffing business and improved performance from its Professional recruitment business mainly in North Asia gave a lift to results for HRNetGroup in its first quarter.

This resulted in net profit improving 46 per cent from S$11.2 million in the year ago period to S$16.3 million as earnings per share grew from 1.1 Singapore cents in the previous year to 1.61 Singapore cents.

In a filing with the Singapore Exchange on Wednesday evening, the recruitment firm added that for the three months ended March 31, revenue grew 12.2 per cent from S$95.3 million in the corresponding period of fiscal 2017 to S$107 million.

Net asset value per share edged up to 32.59 Singapore cents as at March 31, from 30.9 Singapore cents three months ago.

HRNetGroup shares finished S$0.02 or 2.6 per cent up at S$0.78 on Wednesday.