UT Group Co. Ltd. (2146:TYO), a Tokyo-based firm focused on engineering and technical staffing, announced Thursday that net sales fell 0.8% year over year to JPY 41.22 billion (USD 287 million) in its fiscal first quarter ended 30 June. The company reported stagnant demand for human resources from both semiconductor manufacturers and semiconductor manufacturing equipment makers.

Gross margin narrowed and profit fell 7.1% year over year.

The company said the semiconductor industry is expected to recover starting in the second half of the year.

Guidance

UT Group forecasts revenue for the full year will be up 17.2%.

Share price

Share in UT Group closed up 0.07% to JPY 2,694 (USD) on Thursday in Japan; shares were 15.94% below their 52-week high.