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Pasona revenue slips 2%, profit falls 60%

September 30 2008

Tokyo-based staffing firm Pasona Group Inc. said revenue fell 2.2% to 59.14 billion yen (US$543.7 million) in its fiscal first quarter ended Aug. 31 compared with the same period in the previous year.

Net income fell to 313.0 million yen (US$2.9 million), down 60.6%.

Pasona said a downturn in the economy hit its temporary staffing and permanent placement divisions. As a result, first-quarter revenue fell 4.1% to 53.59 billion yen (US$492.7 million). Pasona also said increases in health insurance premiums for the Japanese medical system sent gross margins down.

The company, however, said sales in its outplacement division rose 27.3% to 1.55 billion yen (US$14.2 million).

First-quarter North American revenue represented a small percentage of total revenue. However, it fell 23.5% to 106.0 million yen (US$974,606).

Pasona Group Inc.
For the fiscal first quarter ended Aug. 31, 2008, compared with the same period in the previous year.
Revenue: 59.14 billion yen (US$543.7 million), -2.2%
Net income: 313.0 million yen (US$2.9 million), -60.6%

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