Japanese human resources provider Hito Communications (4433: JP) reported revenue today for the first six months ending 29 February 2024 of JPY 29.81 billion (USD 193.6 million), a fall of 10.9% over the previous year.

The group said its results were below its expectations. Hito said the decline in sales in the telecommunications field exceeded expectations. Sales in FMG Co., Ltd. saw a decline in revenue, mainly due to delays in monetisation compared to initial plans. The company acquired FMG in 2023. The acquired firm focuses on aircraft maintenance, airport ground handling and passenger services, and is based in Japan.

Operating income was also below the group’s announced forecasts.

Hito offers temporary staffing, business recruitment and outsourcing, business sales promotion, outsourced sales support, and employee training outsourcing services, as well as recruitment services for individual users in distribution and service sectors.

Looking ahead the company forecasted revenue of JPY 58.81 billion (USD 382.05 million) for the year ended 31 August 2024.

Hito Communications Holdings shares closed at JPY 1,222.00 (USD 7.94), up 1.50% on the day and 11.50% above the 52-week low of JPY 1,096.00 set on 12 March 2024. The company has a market cap of JPY 21.55 billion (USD 139.99 million).