SEEK Ltd (ASX:SEK) has released its 1H FY17 results, and there are some positives to be found.
The company’s reported NPAT dropped 69% to $84.1 million. This was due to one-off costs such as the closure of SEEK Learning (its Vocational Education and Training operations), as well as taxes and other costs relating to the potential privatisation of Zhaopin, its Chinese subsidiary and jobs portal, Zhaopin,
When those one-off items are excluded, SEEK’s underlying NPAT looks more rosy – up 11% to $113.6 million, compared to the prior corresponding period.
The SEEK Group’s total sales revenue was up just 1% to $487.9 million. However, its Australia and New Zealand revenue grew 13% to $171.3 million.
Nevertheless, the company is returning more money to shareholders in 1H FY17 – by declaring an interim dividend of 23 cents per share. This is 2 cents higher than the previous year’s interim dividend.
