FINANCIALS: China’s 51job reports rise in revenues

51job, a provider of integrated human resource services in China, has seen revenues rise 3.6%, according to unaudited financial results.

The results for the third quarter of 2019, ended 30 September 2019, reveal net revenues of RMB989m (£109.3m), with online recruitment services revenues increased and HR-related revenues down 2.4% and up 16.4% respectively.

The group also posted gross margin of 69% compared with 71.7% in Q3 2018.

President and CEO Rick Yan said: “The diverse nature and strength of our proven, integrated HR solutions model enabled us to maintain solid profitability in the third quarter. Although near-term hiring sentiment remains weak and has negatively affected our online recruitment business, the resiliency of our other HR services area has seen consistent progress in employer engagement in these challenging market conditions of 2019.

“As we wrap up the year, we will continue to lay the groundwork for 51job’s long-term successful development with a disciplined focus on executing our strategic plan: to deepen customer relationships across the entire talent management value chain, to improve user experience and effectiveness, and to expand our HR ecosystem with new innovative products, technology and partners.”

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