Online employment advertiser Seek Ltd has reporting a dwindling of profits for the 2008-09 financial year.
Seek’s net profit slumped 28 percent to $55.3 million, down from $76.3 million on the previous year.
Putting a positive spin on the results, Seek chief executive Paul Bassat said that despite a challenging employment environment, “the business fundamentals of Seek remain strong.”
Bassat said that the downturn has actually led to a more job ads being placed online as opposed to print, and the company achieved a record 3.27 million unique browsers in July, accounting for almost eight out of every 10 minutes Australians spend searching for jobs online.
