51job.com's (JOBS) stock tumbled by as much as 13% after the company announced lower-than-expected unaudited financial results for the fourth quarter and fiscal year ended December 31, 2004.
Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, Inc., said, "Although fourth quarter results were below our expectations, 2004 was a strong year of growth and progress for 51job. In addition to significant year-over-year increases in revenues and net income, we achieved several operating milestones, including conducting transactions with over 140,000 corporate customers and expanding our nationwide network to 20 offices across China."
Total revenues of CNY120.4 million (US$14.5 million) increased 31.8% year-over-year, with a fully diluted earnings per common share of CNY0.21and diluted earnings per American Depositary Share (ADS) of CNY0.42.
Net income for the fourth quarter of 2004 was CNY12.1 million (US$1.5 million) compared with CNY19.2 million for the same period in 2003.
Total revenues increased 63.6% over 2003 to CNY479.9 million (US$58.0 million) and gross margin expanded to 50.8% from 45.9% in 2003
Income before tax grew 166.0% to CNY95.2 million (US$11.5 million) from CNY35.8 million in 2003.