Human Holdings Co. Ltd. (2415:JP), a human resource and employment services provider in Japan, lowered its full-year consolidated cumulative performance forecast for the fiscal year ending 15 May 2023.

Revenue is forecasted to be JPY 95.89 billion (USD 617.2 million), down from the previously forecasted JPY 97.05 billion (USD 624.7 million). The company said sales are expected to be lower than the previously announced forecast.

Despite the reduction in forecasted revenue, the group upgraded its operating income forecast to JPY 3.15 billion from the previously announced JPY 2.69 billion (USD 17.3 million). Net income was also raised to JPY 2.15 billion (USD 13.8 million) from JPY 1.53 billion (USD 9.8 million).

“We worked to increase the added value of our business and improve profit margins,” the group stated. “In addition to the impact of the increase in profits, the tax incentives for wage increases will also have an impact.”

“As a result of the adoption of the new accounting standard, corporate taxes are expected to decrease,” the group added. “The results are expected to exceed the forecasts announced.”

Human Holdings shares closed at JPY 1,288.00 (USD 8.29), no change on the day and 8.20% below its 52-week high of JPY 1,403.00 (USD 9.03), set on 7 February 2024. The company has a market cap of JPY 13.37 billion (USD 86.06 million).