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TheStreet Open House

51job's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: JOBS

Our online business continued to exhibit solid growth and revenues increased 33% year over year in the first quarter. With the early Chinese New Year, we captured a greater amount of the post-holiday recruitment peak in the first quarter this year compared to 2011. We successfully increased the number of unique employers using our online services to over 170,000 in the quarter.

We have also expanded our geographical reach this year with the addition of several new cities and the sales coverage via Wuhan call center. We are now providing dedicated sales and customer support for our online recruitment services in 91 cities across China.

Reflecting our steady progress and diversifying our revenue sources, we saw a strong performance by our other HR services area in the first quarter. Revenues increased 59%, led by customer demand for our outsourcing and training services. We continue to [de-scale] in these areas and capitalize on cross-selling opportunities into our large recruitment customer base.

Consistent with our strategy to transition away from the prints business, prints revenues declined meaningfully in the first quarter. With the closure of print operations in three cities in March, we have discontinued the 51job weekly publication in half of our print market since the beginning of 2010. We will progressively reduce the number of print cities in the coming quarters. As a result, the loss of prints contribution will affect our total revenue performance in the near term, as we reallocate resources and efforts to our faster-growing business areas, this will benefit our company in the long term.

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

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