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Seek Looks Overseas For Profit

Seek Looks Overseas For Profit

Online jobs site Seek is continuing to look overseas for future gains, paying $182 million to buy out its Brazil business and raise its stake in an Asian venture.

It has bought the remaining 49 percent of its Brazil Online business for $104 million and outlaid $78 million to increase its stake in Seek Asia from 80.8 per cent to 86.2 per cent.

Rupert Murdoch’s News group owns the remaining 13.8pc. The international business now accounts for more than 60 percent of Seek’s revenue.

The company told the ASX it expects to record $215-220 million of net profit for the 2017 financial year, before significant items and early-stage investment deductions.

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