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Japan – Fullcast Holdings continues to struggle

08 November 2013

Japanese recruitment firm Fullcast Holdings Ltd., (4848: JP) reported revenue for the nine months ending 30 September 2013 of JPY 12.65 billion (USD 128.2 million), a fall of -47.6% compared with JPY 24.1 billion (USD 244.3 million) for the same nine month period last year.

The company reported an operating income of JPY 104 million (USD 1.05 million), a substantial fall of -92.8% from JPY 1.4 billion (USD 14.2 million) last year. Pre-tax profit for the period was JPY 313 million (USD 3.2 million), down by -79.2% from JPY 1.5 billion (USD 15.2 million) a year ago.

Fullcast Holdings achieved a net income of JPY 326 million (USD 3.3 million) for the nine months to the end of September 2013, a fall of -75.4% compared with JPY 1.3 billion (USD 13.2 million) in 2012.

According to the company’s statement: “The trend of increasing investment and the movement toward economic recovery is positive, but the financial behaviour in Europe means that there is still uncertainty about slowing economic growth. The introduction of the Worker Dispatch Law Amendment Act in October 2012 has meant that sales in short-term worker dispatch have not progressed as planned.”

Fullcast Holdings is a Japan-based holding company principally engaged in the human resource outsourcing business. The Company operates in two business segments. The Short-term Business Support segment is engaged in the provision of short-term and events-related human resource services. The Security segment is engaged in the security guard business for public facilities and general corporations.

In trading today, the company’s share price fell by -1.4% to JPY 277 (USD 2.80), an increase of +108.1% compared with a year ago. Based on its current share price, the company has a market value of JPY 10.97 billion (USD 1.1 billion). 

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