HRnet Group profits down 10.3% to $7.3m in Q2

It spent over $2.7m for IPO expenses.

HRnet Group reported a 10.3% YoY decrease in net profit to $7.3m, due to $2.7m IPO expenses.

According to its financial report, revenue grew 6.4% to $97.4m due to the increase of its flexible staffing in Singapore.

Subcontractor expenses went up by 10% $63.5m.

Higher contribution from its flexible staffing service offset the decrease from its professional recruitment, bringing the former's gross profit contribution upwards.

Expenses for employee benefits fell by 7.2% YoY.

"The Group’s continued push for our permanent sales employees (“HC”) to cover their fixed salary by three times of gross profits (“PHC”) saw the reduction of HC by 29, and correspondingly, the costs," HRnet said.

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