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HRnetGroup Q3 profit down 4.9% to S$12m after revaluation of securities

HRNETGROUP's third-quarter net profit declined 4.9 per cent to S$12 million from S$12.6 million a year ago, the mainboard-listed firm said in a bourse filing on Friday morning.

Excluding the effect from revaluation of marketable securities, net profit rose 3.1 per cent to S$12.7 million versus S$12.3 million in the year ago period.

For the quarter ended Sept 30, earnings per share was 1.19 Singapore cents, down from 1.25 cents.

Revenue rose 1.6 per cent to S$106.7 million from S$105 million, following stronger North Asia contributions.

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No dividend was declared for the quarter, same as a year ago.

North Asia saw a 5 per cent year-on-year growth in terms of gross profit, contrasting a 11.3 per cent drop in Singapore, said the staffing and recruitment firm.

North Asia’s contribution to gross profits was  a record 47.4 per cent while Singapore fell below 50 per cent for the first time to 48.9 per cent in the third quarter.

HRnetGroup said the low growth in Singapore's economy dragged business sentiments, with Singapore revenue dropping 3.7 per cent to S$74.2 million.

"Our focus on penetrating more resilient sectors, coupled with the expansion of our flexible staffing brand RecruitFirst, have helped to offset some pressure from the lacklustre demand in the professional recruitment segment," said Adeline Sim, executive director of HRnetGroup.

HRnetGroup shares closed up S$0.005 or 0.8 per cent to S$0.60 on Thursday.