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Online recruitment firm JobStreet Corporation Bhd. (JOBST:KLS) is set for regional growth after the firm last month reported a +7% jump in fourth-quarter revenue. The company recently expanded into the Vietnamese market to strengthen its position in South East Asia.
JobStreet CFO, Greg Poarch, remains confident about increasing the company’s foothold in the region.
“We have made consistent progress in expanding our regional footprint to become the clear leader in online recruitment in Southeast Asia. Currently, we have no plans to expand aggressively outside Southeast Asia and will focus on strengthening our position in this region,” he said.
Mr Poarch added that the company had no immediate plans entering Australia’s recruitment market despite a major shareholder being based there.
JobStreet derives the majority of its revenue from Malaysia but also operates in India, Indonesia, Japan, Hong Kong, Philippines, Singapore, Thailand and Vietnam. Mr Poarch said that business was growing fast in these countries, especially in the Philippines where “a lot of jobs are being created, especially in the business process outsourcing (BPO) sector.”
The firm faces competition from local rival companies, in particular JobsDB.com which operates in major recruitment markets in Asia, Australia and the US. Mr Poarch plans to fend off competitors by investing in localising its platform, he said.