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Japan – Dip Corp upgrades H1 results forecast

12 September 2014

Ahead of its results announcement, Japanese recruitment firm Dip corp. (2379: JP) has upgraded its half year forecast for the six months ending 31 August 2014. The company had expected to achieved revenue for the period of JPY 8 billion (USD 74.8 million), but has upgraded its expectations to JPY 9.1 billion (USD 85.1 million).

Operating profit for the period is expected to exceed expectations by more than JPY 1 billion (USD 9.4 million). Dip Corp. had forecast operating profit of JPY 746 million (USD 7 million), however, this has been upgraded to JPY 1.8 billion (USD 16.8 million).

The net profit forecast for the period has more than doubled to JPY 953 million (USD 8.9 million), against a prior forecast JPY 392 million (USD 3.7 million).

The company did not provide any specific details relating to the improved performance.

For the year ending 28 February 2015, Dip Corp. has upgraded its full year revenue forecast to JPY 17.2 billion (USD 160.9 million), up from JPY 16.2 billion (USD 151.5 million). Operating profit is now expected to be JPY 3 billion (USD 28.1 million), against an earlier estimate of JPY 2.5 billion (USD 23.4 million).

The company had previously forecast net profit for the year of JPY 1.4 billion (USD 13.1 million), which had been upgraded to JPY 1.7 billion (USD 15.9 million).

Despite the company’s improved forecast, in trading today, the company’s share price closed down by -1.8% at JPY 4,495 (USD 42.05), an increase of +793.3% compared with a year ago. Based on its current share price, the company has a market value of JPY 55.7 billion (USD 521 million).