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Net profit up 20% in Q3 2017 for HRnetGroup

HRnetGroup has released its results for the third quarter of 2017.

Third-quarter net profit rose 20.2% to S$10.7m, or 1.06 Singapore cents per share, on a drop in minority interests and growth in the flexible staffing business.

Revenue increased 7% to S$97.5m as the flexible staffing business improved in Singapore, the recruitment firm announced on Monday.

But most of the bottom-line improvement came from a S$1.4m reduction in non-controlling interests, to S$309,000 from a year-ago S$1.7m. That reduction came after HRnetGroup acquired minority shares in certain group subsidiaries from 22 individuals in exchange for HRnetGroup shares.

The group said that it expects to announce a series of new projects in the foreseeable future amid an ongoing focus on merger and acquisition opportunities.

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