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Chinese HR provider 51job Inc. (JOBS:NSQ) increased fourth-quarter revenue by +7% to RMB 397.3 million (USD 63.8 million), exceeding the company’s expectations. Revenue from online recruitment services was up +10% to RMB 237.9 million (US$38.2 million).
The firm said that weaker hiring demand had impacted business. But CEO Rick Yan said that HR services showed “healthy growth despite volatile market conditions.”
Gross profit in the quarter jumped +7% to RMB 268.7 million (USD 43.1 million) from RMB 250.8 million a year ago. But the gross margin dropped to 70.6% from 71.2%. Net income in the period grew +7% to RMB 122.1 million (USD 19.6 million).
Looking ahead, the firm said: “For the first quarter of 2013, the company’s business outlook will be impacted by the late arrival of the Chinese New Year holiday relative to 2012, which will materially affect seasonality and year-over-year comparisons.”
In trading today, the company’s share price was up +2.3% to USD 57.43, up +27.9% from a year ago. Based on its stock price, the firm has a market value of USD 1.65 billion.
51job Inc. is listed on the New York stock exchange and provides recruitment related services and human resource services, such as business process outsourcing and executive search.