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Japanese staffing firm Pasona Group Inc. reported a 2.5% increase in revenue to 236.95 billion yen (US$2.25 billion) for its fiscal year ended May 31.
Pasona reported that Japan's economy posted modest growth in the first half of the company's fiscal year, but signs of uncertainty began arising in the second half.
The company's temporary and contract staffing was hit by a lull in demand in the second half of the year, it reported. That was offset by growth in its outplacement and outsourcing businesses.
Gross margin improved to 21.3% from 20.8%. Full-year net income fell 29.4% to 3.0 million yen (US$28.1 million).
Pasona also changed its structure to that of a holding company with a name change from Pasona Inc. to the Pasona Group Inc. during the last fiscal year.
Pasona estimated a 5.1% increase in revenue for its next fiscal year ending May 31, 2009, to 248.92 billion yen.
Pasona operates primarily in Japan with less than 10% of its sales outside the country.
Pasona Group Inc.
For the fiscal year ended May 31, 2008, compared with the previous year.
Revenue: 236.95 billion yen (US$2.25 billion), +2.5%
Net income: 3.0 million yen (US$28.1 million), -29.4%