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Fullcast lowers earnings estimates

March 10, 2009

Fullcast Holdings Co. Ltd., a Tokyo-based staffing company, lowered its revenue estimates for both the first half and its full fiscal year ending Sept. 30. Fullcast cited a rapid decline in economic conditions that began in the second half of its first quarter.

The company reduced estimated revenue in the first half of its fiscal year by 12.7% to 34.88 billion yen (US$353.9 million). The first half ends March 31.

Revenue for the full year ending Sept. 30 was lowered 18.7% to 65.87 billion yen (US$668.3 million).

Fullcast also increased its projected net loss for the first half of the fiscal year to 3.05 billion yen (US$30.9 million) from 1.39 billion yen. It reported extraordinary items including losses from the closure of offices, loss on sale of assets for non-business use and a loss on the sale of a subsidiary that was involved in the advertising business.

It estimated a full-year loss of 2.87 billion yen (US$29.1 million).

Fullcast also announced it was merging its Fullcast Co. Ltd. and Oneday Job Style Co. Ltd. subsidiaries effective May 1. Both companies provide workers on a short-term basis. The Oneday name will be phased out.