HAMBURG (dpa-AFX) - Due to a difficult market situation, Xing parent New Work expects a lower operating profit in the current year. Earnings before interest, taxes, depreciation and amortization (Ebitda), adjusted for special effects, are likely to be between 92 and 100 million euros, below the previous year's figure of 104 million euros, the SDax company announced in Hamburg on Wednesday evening after the close of business. New Work cited lower demand for its recruitment products as another reason. A significant cooling in the labor market could be felt, said Group CEO Petra von Strombeck, according to the statement.

Adjusted sales are now expected to remain at the previous year's level of 313.4 million euros, rather than the single-digit percentage growth previously hoped for. New Work shares were quoted slightly lower on the Tradegate trading platform compared with the Xetra closing price.

New Work also announced that sales in the first quarter climbed by two percent to 75.9 million euros. Because employers invested less in recruitment as a result of the current market situation, operating profit (Ebitda) fell by 30 percent to 17.9 euros, the company said. Net profit was 9.2 million euros, down from 12.6 million euros a year earlier./ngu/he