Feb 19 (Reuters) - Australia's APM Human Services International said it had turned down an A$1.47 billion ($960 million) takeover bid from private equity firm CVC Asia Pacific as the offer did not "sufficiently reflect the fundamental value" of the company.

The employment services firm said on Monday that the offer did not reflect the potential of its market platform globally.

"Although APM is currently operating in a challenging environment at a historic low point of the unemployment cycle, the board remains confident in the outlook for APM," the company said in a statement.

The firm confirmed it had received a conditional and non-binding indicative proposal on Friday where funds or investment vehicles advised by CVC Asia Pacific Limited would acquire the company for A$1.60 per share, almost double APM's close on Thursday of A$0.83.

The proposal had also included an option for the company's shareholders to receive all or part of the consideration in unlisted scrip in CVC's acquisition entity.

The company reported a preliminary underlying net profit after tax for the half-year ended Dec. 31 of A$55 million ($36 million), a 36% drop from a year earlier. ($1 = 1.5314 Australian dollars) (Reporting by Archishma Iyer in Bengaluru; Editing by Chris Reese and Himani Sarkar)