SEEK's chief executive Andrew Bassat is feeling good about the job search company's prospects, despite unemployment hitting a 12-year high.
He believes the Australian economy is not as bad as the 6.4 per cent jobless rate suggests.
SEEK on Tuesday reported a 64 per cent rise in first half profit to a record $183 million, aided by a lift in earnings across its domestic and overseas operations.
Job advertisements in Australia and New Zealand rose seven per cent during the six months to December 31.
Mr Bassat said the result was particularly pleasing given the rise in the jobless rate in December.
"When the unemployment rate goes up, our ad volume should go down," he said on Tuesday.
"We think the economy is a little bit better than the unemployment rate - and some of the moves in the marketplace - would have you believe."
But investors seem less than impressed by the first half results, with the share price falling 8.7 per cent, or $1.63, to $17.10.
With one-offs excluded, underlying net profit was $94.1 million, which is nine per cent better than a year ago.
IG market analyst Evan Lucas said the result was good, but weaker than expected given the stock was trading at 30 times earnings.
"They were trading at record highs before the results," he said.
"They had very, very lofty targets to meet, and they just missed them."
But Mr Lucas said the outlook for SEEK remains rosey.
"There is no doubt they are expecting to grow again - particularly their international jobs division."
SEEK's expansion overseas aided its profit result, with revenues up 20 per cent to $222.2 million and underlying earnings rising by a third to $74.1 million.
The group also lifted revenues in Australia and New Zealand 14 per cent to $132.9 million, with earnings rising six per cent to $75.8 million.
SEEK's Chinese job site Zhaopin, which was floated on the New York Stock Exchange in mid 2014, increased first half revenues 31 per cent to $117.6 million.
Mr Bassat said while the Chinese job market was "just fair", SEEK's progress in this new market has not yet been hindered by the slowdown in China's economic growth.
"Each of the markets like China, Brazil and South East Asia can be bigger than Australia in their own right," he said.
"We will continue to grow in Australia for the next five years, but international will grow even faster."
SEEK FINDS A PROFIT
* Half year net profit of $182.8m, up 64 pct from $111.2m in 2013/14
* Operating revenue of $395.3m, up 17 pct from $337.6m
* Fully franked interim dividend of 19 cents a share, up from 14 cents
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