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The financial health of Monster Worldwide, the owner of Monster sites in North America, Europe and Asia, deteriorated further in FY2014 from FY2013.

But, if it wasn’t for a massive goodwill writedown (forced onto the company by a shrinking market capitalization) and weaker euro, the report card would have looked very different.

Add the fact that the growth strategy unveiled in May last year is slowly but surely getting traction (if only in the core market of North America), and the news that another cost-cutting round will be implemented, and it becomes clear why the Monster share price has risen 13 percent so far this year in the face of a weakening financial position.

The total revenue of Monster Worldwide dropped 4.5 percent in FY2014 from FY2013 ($770 million U.S. from $808 million U.S.).

The operating profit margin (what is left over of revenue after variable costs, such as wages) dropped to 6.8 percent from ten percent in FY2013 and the EBITDA margin dropped to 13.1 percent from 17.4 percent in FY2013.

Still, market observers are bullish. This is how the analysts at interpreted the situation earlier this week: “Monster’s core business is showing signs of improvement and robust potential for cashflow generation.

Additionally, the company’s corporate restructuring initiative is expected to boost margins, going forward.

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