51job Q3 2012 Profit Grows 16% YoY
51job, 11/08/12
Chinese online recruitment site 51job (Nasdaq: JOBS) has announced its financial results for the third quarter of 2012. Q3 2012 revenues were RMB 373.7 mln (USD 59.5 mln), an increase of 8.9% YoY from RMB 343.3 mln in the same quarter of 2011.
Net income for the third quarter of 2012 increased 15.8% YoY to RMB 112.9 mln (USD 18.0 mln) from RMB 97.5 mln for the same quarter in 2011.
Online recruitment services revenues were RMB 240.6 mln (USD 38.3 mln), representing a 13.1% YoY increase from RMB 212.7 mln in Q3 2011. The growth was principally due to an increase in the number of unique employers using the company's online recruitment services. Unique employers increased 13.6% YoY to 188,073 in the third quarter of 2012, as compared with 165,572 in the same quarter of the prior year. Average revenue per unique employer was relatively unchanged in the third quarter of 2012 as compared to the same quarter in 2011.
Print advertising revenues decreased 47.0% YoY to RMB 22.7 mln (USD 3.6 mln), as compared with RMB 42.9 mln for the same quarter in 2011, primarily due to the ongoing shift in demand away from print advertising services. The estimated number of print advertising pages generated in the third quarter of 2012 declined 58.7% YoY to 546 from 1,322 pages in the same quarter in 2011. In addition, the number of cities where 51job Weekly is published decreased to nine as of September 30, 2012 from 15 cities as of September 30, 2011.
Other human resource related revenues for the third quarter of 2012 increased 25.9% YoY to RMB 110.3 mln (USD 17.6 mln) from RMB 87.6 mln in the same quarter of 2011.
In September 2012, the company entered into a contract to acquire approximately 5,400 square meters of office space in a commercial building in Guangzhou. Prior to this transaction, the company's local sales office occupied some of these premises as a tenant. The total purchase price of RMB 92.7 mln (USD 14.7 mln) was paid as a deposit to the seller in the third quarter of 2012.
Based on current market conditions and an estimated YoY decrease in print advertising revenues as the company transitions away from this business, the company's revenue target for the fourth quarter of 2012 is in the estimated range of RMB 380 mln to RMB 395 mln (USD 60.5 mln to USD 62.9 mln).
To view the complete report please see here.
Keywords: Internet profit revenue 51job online recruitment JOBS Q3 2012 fiscal report
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