SYDNEY - Online employment group Seek Ltd posted a 28 per cent drop in full-year net profit after job advertisements declined amid the economic downturn.
Net profit fell to A$55.3 million ($67.4 million) for the year to June 30, from A$76.3 million a year earlier. Sales revenue fell 1 per cent to A$208.3 million.
Joint chief executive Paul Bassat said that in a challenging employment environment, the business fundamentals of Seek remained strong.
"With the downturn, we continue to see a sustained migration from print to online, with online now capturing approximately 79 per cent of all job ads."
Revenue at Seek Employment fell 11 per cent to A$168.9 million. Seek Learning, its online training business, increased revenue by 38 per cent to A$29.5 million. Seek declared a final dividend of A4.7c.
- AAP
Downturn hits online job site Seek
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