, Singapore

HRnetGroup profits up 3.56% to $11m in Q3

Profit attributable to shareholders also rose 20.2% YoY to $10.7m.

The recruitment firm saw its profits rise slightly by 3.56% YoY to $11m in Q3 as a result of its 88GLOW scheme where individuals can swap their minority interests in select group subsidiaries in exchange for shares.

Profit attributable to shareholders similarly rose 20.2% YoY to $10.7m in Q3 due to acquisition of non-controlling interests under the 88GLOW programme.

Revenue also went up 7% YoY to $97.48m in Q3 largely due to higher flexible staffing revenue. However, sub-contractor expenses similarly increased by 10.2% YoY to $5.8m in Q3 as part of the group’s overall flexible staffing scheme.

HRnetGroup went public last June as it launched $174m initial public offering (IPO) for a total of 193.4 million shares at an issued price of $0.90 per share. 

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