SINGAPORE (Feb 26): HRnetGroup reported its fourth straight quarter of growth in revenue and gross profit for FY17 ended Dec.
A 22.4% rise in 4Q17 earnings to $12.2 million brought full-year earnings for HRnetGroup to $41.28 million in FY17, 0.6% higher from $41.26 million in FY16.
Revenue for 4Q17 rose 9.5% to $101.7 million from a year ago. Revenue for FY17 rose 7.4% to $391.9 million.
The increase in revenue in 4Q17 was mainly due to flexible staffing business in Singapore registering strong growth throughout the year. Subcontractor expenses increased by 10.2% or $23.6 million in tandem with 10.0% or $27.5 million growth in flexible staffing revenue.
In FY17, flexible staffing contributed 34% to gross profit while professional recruitment contributed 64%. Geographically, Singapore contributed 58% of gross profit while North Asia contributed 38%.
The group’s current assets increased to $373.2 million from $176.7 million, mainly due to a net increase in cash and cash equivalents amounting to $183.0 million.
The directors have proposed a tax-exempt (one-tier) final dividend of 2.3 cents per share.
HRnetGroup says in the eight months since IPO, the group has been actively engaged with the market in steadily pursuing collaboration and investment opportunities.
Shares in HRnetGroup last traded at 78 cents on Friday.
