HRnetGroup sees 18.5% 1Q earnings growth to S$19.3 mil despite softer topline

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SINGAPORE (May 10): HRnetGroup has announced earnings of S$19.3 million of 1Q19, up 18.5% y-o-y from $16.3 million a year ago due to higher other income.  

Revenue for the quarter saw a 2.8% decline to $104 million from $107 million in 1Q18.

The lower group revenue was mainly due to lower placements closed in the Professional Recruitment division, which came on the back of cautious hiring on part of the group’s clients in Singapore. Nonetheless, HRnetGroup notes there was “excellent growth” for this division in Hong Kong, Mainland China, Japan and Thailand.

In the Flexible Staffing segment, higher gross profit in Hong Kong helped to offset lower contributions from Singapore, although overall division revenue fell to...(click on link for full story on