HRnetGroup CHZ has reported earnings of $28.3 million for the 1HFY2023, 18.3% lower than the earnings of $34.6 million in the same period the year before.
The lower y-o-y earnings come on the back of “challenging markets” in the global recruitment sector, which saw “significant declines” in revenues and profits around the world, says the group.
Revenue fell by 6.2% y-o-y to $294.8 million with revenue declines in the group’s flexible staffing and professional recruitment segments. Flexible staffing saw revenue dip by 0.5% y-o-y to $258.6 million while professional recruitment saw revenue fall by 34.3% y-o-y to $34.3 million.
Gross profit fell by 22.2% y-o-y to $71.5 million.
Cash and cash equivalents as at June 30 stood at $261.8 million, down by 16.3% y-o-y.
An interim dividend of 1.87 cents was declared. It will be paid out on Sept 11.
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Shares in HRnetGroup closed 0.5 cents lower or 0.68% down at 73 cents on Aug 10.
