JobStreet.com Reports RM7.3 Million Net Profit for Q2 2009
Kuala Lumpur, 18 Aug 2009
JobStreet Corporation Berhad’s net profit for the second quarter of 2009 was RM 7.3 million which was down 19.4 percent from RM9.1 million in the previous year’s corresponding quarter, primarily due to lower sales of its online job posting services.
A quarter-on-quarter comparison:
The decrease in revenue for the quarter mainly resulted from lower sales from JobStreet ESSENTIAL (online job posting service) which contracted by 26.4% as recruiters continued to stay at the sidelines amidst the absence of any strong indications of an economic recovery. However, the fall in revenue from the Group’s core service was partially cushioned by strong revenue growth from JobStreet IMPACTY (career website management service) which grew 129.4% coupled with dividends received from the Group’s long-term investments in quoted securities, amounting to RM0.7 million.
On a year-to-date basis, the Group’s performance in terms of sales and profit continued to trail behind the strong results posted in the prior financial year. However, the Group continued to deliver solid profitability while focusing on increasing its market share and strengthening its job seeker database.
Mark Chang, CEO of JobStreet Corporation Berhad, says: "While it is normal for companies to defer recruitment during the recession, there will come a time when recruiters will have to strategically consider ramping up their hiring in preparation of the coming up-cycle. Those who are able to anticipate the recovery ahead of others will be rewarded with outstanding value as the going rate for good talent has come down somewhat during the downturn. JobStreet.com has positioned itself to be that value-added recruitment partner to help our customers hire and grow."
JobStreet operates the JobStreet.com (www.jobstreet.com) online recruitment websites presently covering the employment markets in Malaysia, Singapore, the Philippines, Indonesia, India, Bangladesh, Japan and Thailand. The Group currently services over 50,000 corporate customers and over six million job seekers. JobStreet is listed on the Main Board of Bursa Malaysia Securities (JOBST).