Daily News
View All NewsJapan – Revenue rises 10% at engineering staffing provider Meitec
Meitec Corp. (9744:TYO), a Tokyo-based provider of engineering staffing, reported 27 January that revenue rose 10.4% in the nine months ended 31 December. The firm’s fiscal year ends 31 March.
The company noted increased investment in technology at its manufacturing clients.
(JPY millions) | Nine months to 31 Dec. 2021 | Nine months to 31 Dec. 2020 | % change | Nine months to 31 Dec. 2021 (USD millions) |
Net sales | 78,936 | 71,487 | 10.4% | 686 |
Gross profit | 20,856 | 18,027 | 15.7% | 181 |
Gross margin | 26.4% | 25.2% | ||
Operating profit | 9,562 | 7,546 | 26.7% | 83 |
Profit | 6,492 | 5,016 | 29.4% | 56 |
It also reported the number of engineers assigned to clients increased and working hours increased year over year because of a rebound in overtime work.
Guidance
Meitec forecast revenue would be up 10.7% in this fiscal year ending 31 March compared to the last. Total revenue is expected to be JPY 107.00 billion (USD 928.3 million).
Share price and market cap
Shares in Meitec closed up 4.54% in Tokyo on Monday to JPY 6,680 (USD 57.96); they were 8.12% below their 52-week high, according to FT.com. The company had a market cap of JPY 182.75 billion (USD 1.59 billion).