Monster Worldwide reports loss; exits Brazil, Mexico & Turkey
REUTERS - Online recruitment company Monster Worldwide Inc(MWW.N), which is up for sale, reported a quarterly loss and said it had exited its businesses in Brazil, Mexico and Turkey.
The company also said it sold its China operations to Saongroup, a Dublin-based recruitment firm, and took a 10 percent stake in the combined business.
Monster said in November it would sell its money losing business in China to focus on its core North American and European businesses.
Monster has been hurt by weak job markets in the United States and Europe, which generate the lion's share of its revenue, as well as growing competition from social networking sites.
The parent of Monster.com retained Stone Key Partners and Bank of America Merrill Lynch in March 2012 to review strategic alternatives including a sale of the company.
Monster reported a net loss of $73 million, or 66 cents per share, in the fourth quarter, from $10.9 million, or 9 cents per share, a year earlier.
The company recorded pre-tax charges of $23 million during the quarter ended December, and said it expects additional charges in the range of $27 million to $37 million in the first half of 2013.
Excluding items, the company earned 8 cents per share.
Revenue dropped 10 percent to $211.2 million.
Monster's shares have dropped about a fourth since the company said it was reviewing strategic alternatives. They closed at $5.85 on the New York Stock Exchange on Wednesday.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Akshay Lodaya)
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