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51job CEO Discusses Q3 2010 Results ¿¿ Earnings Call Transcript

Revenues in this area saw another quarter of solid growth, driven by sales of our HR outsourcing services. The outsourcing market in China today remains largely latent but we believe the long term prospects are very exciting.

With the government's initiatives to upgrade the structure of the Chinese economy, new policies and new implementation measures will be introduced to advance human resource management practices and strengthen the social welfare system. It will in turn drive additional customer demand for our outsourcing services.

With our vast customer base and an extensive service network, we are well positioned to capture this great opportunity. Although, the robust rebound in market demand this year resulted in greater sales and marketing expenses, as well as headcount additions, we monitor costs closely.

In capitalizing on the scalability of our operations, we achieved record profitability in the third quarter. We set new heights with gross margin of 68.4% and operating margin of 26.8%. Non-GAAP fully diluted earnings per common share were RMB1.26, which exceeded our guidance range of RMB0.95 to RMB1.05.

Read the rest of this transcript for free on seekingalpha.com

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