Australia’s SEEK shares up on first-half year profit boost

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SEEK Limited, an online jobs portal in Australia reported a 27% jump in sales revenue. This boost in profit lifts its half-year net profit 21% to $102 million.

Shares in SEEK have risen almost 2% after the job ads portal lifted first-half profit and tipped full-year profit to be at the upper end of guidance.

The online job-search company booked a 21% rise in profit to $102 million for the six months to December 31, prompted by a sharp jump in revenue.

Sales revenue rose 27% to $620.3 million, from $487.9 million a year ago when weak economic conditions in Brazil and South-East Asia hit the company's international division.

Chief executive Andrew Bassat on Monday said SEEK was beginning to benefit from investments in its international businesses, with the division's revenue up 12% to $340.1 million - mainly due to increased sales from Chinese online recruitment provider, Zhaopin.

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