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View All NewsHito Communications Q1 revenue slips 8.1% as profits fall
Japanese human resources provider Hito Communications (4433: JP) reported revenue yesterday for the first quarter ending 30 November 2023 of JPY 15.82 billion (USD 146.9 million), a decrease of 8.1% compared to the same period last year.
| (JPY millions) | Q1 2024 | Q1 2023 | Change | Q1 2024 (USD millions) |
| Revenue | 15,826 | 17,217 | -8.1% | 107.9 |
| Gross Profit | 3,520 | 3,947 | -10.8% | 24.0 |
| Gross Margin | 22.2% | 22.9% | - | - |
| Operating Profit | 927 | 1,612 | -42.5% | 6.3 |
| Net Income | 448 | 938 | -52.2% | 3.0 |
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.
The group said revenue fell as the contract for work related to measures to prevent the spread of Covid-19 had come to an end.
Looking ahead the company forecasted revenue of JPY 61.96 billion (USD 422.6 million) for the year ended 31 August 2024.
Shares in Hito Communications closed yesterday at JPY 1,307 (USD 8.91), up 1.79% on the day.