Feb. 24 (Bloomberg) -- 51job, Inc., which provides human resource services in China, surged to the highest price in four months in U.S. trading after fourth-quarter profit jumped and exceeded analysts’ forecast.
American depositary receipts of 51job rose 11 percent to $50.24 by 9:59 a.m. in New York, the strongest intraday level since Oct. 28. Each ADR represents two common shares.
51job’s net income rose 70 percent to 113.9 million yuan ($18.1 million) in the fourth quarter of 2011 from a year earlier, or 61 U.S. cents for each ADR, the Shanghai-based company said in a statement yesterday. That beat the 53-cent average estimate of two analysts compiled by Bloomberg.
The company expected sales to be between 375 million yuan to 390 million yuan in the first quarter this year, surpassing the 355.8 million forecast of analysts.
Analysts at Susquehanna Financial Group and RBS Asia Ltd. reiterated their “positive” or “buy” recommendations on the company today.
--Editor: Marie-France Han
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