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Malaysia – Jobstreet reports marginal growth in tough market

22 August 2013

Online job board Jobstreet Corporation Bhd (JOBST: KLS) reported second quarter revenue growth, showing revenue between April and June grew to MYR 46.5 million (USD 14.1 million) from MYR 45.1 million (USD 13.7 million) a year ago. This equated to an increase of +3%.

Pre-tax profit for the period grew marginally to MYR 22.6 million (USD 6.9 million) from MYR 22.5 million (USD 6.8 million) year-on-year, a rise of +1.5%. Net profit fell during the period to MYR 16.6 million (USD 5 million) from MYR 17.2 million (USD 5.2 million) in Q2 2012, a fall of -3.5%.

“There are still a lot of uncertainties [in the market] even though the 13th general election is over. The general wait-and-see attitude is there, so you don’t see a dramatic pick-up in the number of jobs being advertised,” Jobstreet CFO Gregory Charles Poarch told Sunbiz. “Companies continue to recruit and hire and we don’t see any major changes [in job trends] unless the global economy shifts significantly.”

Jobstreet expects hiring activities to maintain their current levels until the end of the year.

Founded in 1995, Jobstreet claims to be the leading jobsite in Malaysia. Jobsite also operates in India, Indonesia, Japan, Hong Kong, the Philippines, Singapore, Thailand, and Vietnam. The company provides online recruitment and human resource management services.

In trading today, the company’s share price fell -2.68% to MYR 4.00 (USD 1.21), an increase of +90.57% compared with a year ago. Based on its share price, the company has a current market value of MYR 1.3 billion (USD 394.7 million).      

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