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Hip Corp. (2136: JP), a Japanese firm mainly engaged in the outsourcing business released a revised earnings forecast for the six months ending 30 September 2013. Revenue for the period had previously been expected to reach JPY 2.14 billion (USD 21.7 million), but has been upwardly revised by +0.5% to JPY 2.15 billion (USD 21.8 million).
However, Hip Corp had previously expected an operating profit of JPY 19 million (USD 192,980), but now expects that the company will make an operating loss of JPY 8 million (USD 81,255). No reason was given as to why the financial results have been downgraded or why the company failed to meet expectations.
Net profit for the period has been downgraded by -76.6% to JPY 3 million (USD 30,470) from a predicted JPY 17 million (USD 172,670). The company had forecast that net income for the six month period would reach JPY 8 million (USD 81,255). Hip Corp now expects that the company will report a breakeven result for the period.
In trading today, the company’s share price fell -1.1% to JPY 364 (USD 3.70), an increase of +29.9% compared with a year ago. Based on its share price, the company has a market value of JPY 1.4 billion (USD 14.2 million).