SINGAPORE (Nov 13): Recruitment business HRnetGroup saw its earnings jump 20.2% to $10.7 million for the 3Q ended September, from $8.9 million a year ago.
In a filing to SGX on Monday, HRnetGroup attributes the increase to the group’s acquisition of non-controlling interests and increasing of its stake in certain operating subsidiaries under the 88GLOW scheme.
Revenue grew 7% to a record high $97.5 million in 3Q17, from $91.1 million a year ago, mainly due to the flexible staffing business in Singapore registering strong growth.
As at end September, cash and cash equivalents stood at $276.5 million.
“This quarter saw the 88GLOW scheme drive a 20.2% surge in profits. This 10-year scheme will continue to give us acquisition opportunities in coming years,” says executive director Adeline Sim.
“We are also looking forward to returning to Jakarta with the acquisition of the professional recruitment business of PT Rimbun Job Agency, delivering on our plan to grow inorganically and organically as the HR for Asia,” she adds.
Shares of HRnetGroup last closed at 86.5 cents on Thursday.
