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More Jobs In China Strengthen 51Job.com’s Earnings

Chinese online recruitment company 51job Inc. announced its unaudited financial results for the second quarter of 2010 ended June 30, 2010, and stated total revenues increased 35.7% over the second quarter of 2009 to CNY262.4 million.

Net income for the second quarter of 2010 increased to CNY54.3 million from CNY20.8 million for the same quarter in 2009.

Revenues from online recruitment services through the company’s 51job.com portal were CNY134.6 million, representing a 74.0% increase from CNY77.4 million for the same quarter of the prior year. The increase primarily resulted from a greater number of unique employers using the company’s online recruitment services. Unique employers increased 73.2% to 137,111 in the second quarter of 2010 compared with 79,151 in the same quarter of the prior year.

Print advertising revenues for the second quarter of 2010 increased 6.8% to CNY71.7 million compared with CNY67.2 million for the same quarter in 2009. The company says the increase was primarily due to improved market demand and higher average revenue per page which was partially offset by a decrease in the number of print advertising pages. Although print advertising prices in each city were largely unchanged, overall average revenue per page increased 18.1% over the second quarter of 2009 as a result of an increase in page volume contribution from higher priced cities as compared to the same quarter of the prior year. However, mainly due to the decrease in the number of cities where 51job Weekly is published, from 22 cities as of June 30, 2009 to 17 cities as of June 30, 2010, the estimated number of print advertising pages generated in the second quarter of 2010 decreased 9.5% to 2,587 compared with 2,860 pages in the same quarter in 2009.

Gross profit for the second quarter of 2010 increased 54.3% to CNY169.0 million from CNY109.6 million for the same quarter of the prior year. Operating expenses for the second quarter of 2010 were CNY104.6 million compared with CNY82.8 million for the same quarter of 2009.

For the third quarter of 2010, the company’s revenue target is in the estimated range of CNY255 million to CNY265 million.

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