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Pasona cuts first-half revenue outlook

December 29 2008

Pasona Group Inc., a Tokyo-based staffing firm, today cut the revenue forecast for the first half of its fiscal year to 116.08 billion yen (US$1.28 billion) from an earlier forecast of 122.67 billion yen (US$1.35 billion). Pasona said the downturn in the global economy caused sales in its temporary staffing and recruiting businesses to drop more than expected.

The revised forecast revenue of 116.08 billion yen is 2.9% less than the 119.52 billion yen in revenue the company posted for the first half of the previous year.

Pasona also reduced its forecast net income for the first half of its fiscal year to 200 million yen (US$2.2 million) from an earlier forecast of 970 million yen (US$10.7 million).

Pasona's fiscal year ends May 31. It expects to report results for the first half of its fiscal year on Jan. 9.

The company also announced today it was selling its United Kingdom subsidiary, Pasona Europe Ltd., to Design Infinity Ltd. The London-based subsidiary provides temporary staff and recruiting primarily to Japanese companies operating in Europe. The division had paid-in capital of GBP40,000 (US$61,508).

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