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HRnetGroup's Q2 net profit down on IPO expenses

IN their first earnings release since going public earlier this year, recruitment agency HRnetGroup posted a 10.3 per cent decrease in profit attributable to owners of the company to S$7.33 million for the second quarter ended June 30, 2017.

Net profit after tax fell 7.4 per cent mainly due to IPO expenses of S$2.7 million, the group said.

The biggest Asian recruitment agency in the Asia-Pacific region excluding Japan launched an IPO on June 8 this year, with the counter beginning trading on June 16.

Revenue for the same period stood at S$97.44 million, up 6.4 per cent from the same period a year ago. The rise was largely driven by the increase in flexible staffing in Singapore, the group said.

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Earnings per share for the group stood at 0.73 cents for the quarter, down from 0.81 cents during the corresponding period the year before.

No dividend was proposed. The counter closed down half a Singapore cent to 82 Singapore cents per share on Monday.