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In details, revenues from print advertising were USD 9.8 million, dropping 28.5% from the second quarter of 2008. The decline was mainly ascribed to demand decrease caused by global financial crisis and sluggish economic growth in China. Revenues from online recruitment services came to USD 11.3 million, sliding 7.1% year on year. Revenues from other human resource services rose 17.4% year on year to USD 7.1 million mainly thanks to strong demand for human resource outsourcing services.
Operating expenses amounted to USD 12.1 million. Sales and marketing expenses declined 7.1% year on year to USD 7.1 million while general and administrative expenses increased 7.4% year on year to USD 5 million.
Gross profit reached USD 16 million, slipping 4.2% from April-June 2008. Gross margin was 59.8%, higher than 54.9% in the second quarter of 2008. Operating profit hit USD 3.9 million. Effective tax rate was 32.7%, lower than 36.3% a year ago. Net income reached USD 3 million. Fully diluted earnings per common share stood at USD 0.05 and fully diluted earnings per American depositary share (ADS) were USD 0.11.
Excluding share-based compensation expenses and foreign currency translation loss, non-GAAP adjusted net income for April-June 2009 was USD 4.1 million. Non-GAAP adjusted fully diluted earnings per common share were USD 0.07 and non-GAAP adjusted fully diluted earnings per ADS were USD 0.14.
By June 30, 2009, the company's cash and short-term investments had increased to USD 163 million or so.
In the first half 2009, 51job scored total revenues of USD 54.4 million, down 18.4% from H1 2008. Operating profit was USD 5.6 million and net income hit USD 4.4 million. Fully diluted earnings per common share stood at USD 0.08 and fully diluted earnings per ADS were USD 0.16.
Excluding share-based compensation expenses and foreign currency translation loss, non-GAAP adjusted net income for January-June 2009 was USD 6.5 million. Non-GAAP adjusted fully diluted earnings per common share were USD 0.12 and non-GAAP adjusted fully diluted earnings per ADS were USD 0.23.
Looking ahead, the company forecasts that its total revenues for the third quarter of 2009 will range between USD 29 million and USD 30.5 million. Excluding share-based compensation expenses and foreign currency translation loss or gain, non-GAAP adjusted fully diluted earnings per ADS will be USD 0.14 to USD 0.17. Share-based compensation expenses for the third quarter are estimated at USD 900,000 to USD 1 million.
Source: www.enet.com.cn (August 07, 2009)
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