JobStreet.com’s net profit rises 25% to RM 9.1 million in Q2, 2008

The company that I am working at -- JobStreet.com continued its stellar performance and is definitely a great investment choice. Despite the high inflation economy, JobStreet.com continuted to produce fantastic financial results, where its revenue grew by 35% and its net profit grew by 25%. That is definitely an amazing results!

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JobStreet Corporation Berhad (Main Board: "JOBST") posted its 2nd Quarter results for the period ended 30 June 2008 with a 35% growth in revenue to a total of RM27.2 million. This increase is translated to a 25% increase in net profit to RM9.1 million compared to the RM7.3 million achieved in the corresponding quarter in the preceding financial year.

The growth in JobStreet.com’s revenue during the 2nd quarter of this year was mainly attributed to the strong 43.6% quarter on quarter growth in the demand for the Group’s core online job posting product.

The Group’s profit after taxation and minority interest of RM9.1 million is achieved after incurring a one-off loss on the disposal of an associate company in Hong Kong amounting to RM1.3 million. Excluding the impact of this loss, the Group’s net profit would have grown by 42.7% compared with the corresponding quarter in 2007, on a more comparable basis.

A quarter on quarter comparison, followed by a year-on-year comparison:-

Revenue grew from RM20.235 Million for Q2 2007 to RM27.248 Million for Q2 2008. That is a 35% growth rate.

Profit before taxation grew from RM8.358 Million for Q2 2007 to RM10.806 Million for Q2 2008. That translates to a 29% growth rate.

Whereas, Profit after taxation and minority interests grew from RM7.265 Million for Q2 2007 to RM9.055 Million for Q2 2008. That's a 25% growth rate.

For the 6-month period ended on 30th June 2008, revenue grew to RM52.507 Million from RM38.143 Million, which is a 38% growth rate.

Profit before taxation grew 49% from RM15.502 Million for H1 2007 to RM23.111 Million for H1 2008.

For profit after taxation and minority interests, it grew 48% from RM13.224 Million for H1 2007 to RM19.509 Million for H1 2008.

As an indication of its continued success, JobStreet.com recently emerged 4th in the overall standings of the KPMG/The Edge Shareholder Value Awards 2007.

Mark Chang, CEO of JobStreet Corporation Berhad says “Given that we are in the midst of global financial uncertainties and economic slowdown, our first half results are encouraging. However, depending on the length and depth of the slowdown, it’s uncertain how much our results will be impacted going forward.”

He added that as part of JobStreet.com’s strategy to expand its service of online recruitment in the region, it has entered into partnership with Sanook Online Ltd to establish JobStreet (Thailand) Co., Ltd. He said, “We intend to use our experience from our operations in our other offices in the region to replicate JobStreet.com’s success in Thailand. With a strong online partner like Sanook, we are confident in meeting our objectives.”

About JobStreet.com
JobStreet operates the JobStreet.com (http://www.jobstreet.com/) online recruitment websites presently covering the employment markets in Malaysia, Singapore, Philippines, Indonesia, India, Bangladesh, Japan and Thailand. The Group currently services over 50,000 corporate customers and over 5 million jobseekers. JobStreet is listed on Main Board of Bursa Malaysia Securities (JOBST).

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