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Japan – Meitec Corp. reports H1 growth

07 November 2013

Japanese engineering staffing firm Meitec Corp. (9744: JP) reported revenue for the six months to the end of September 2013 of JPY 35.75 billion (USD 362.6 million), an increase of +4.8% compared with JPY 34.13 billion (USD 346.1 million) last year.

The company reported an operating income of JPY 2.9 billion (USD 29.4 million), up by +0.5% from JPY 2.89 billion (USD 29.3 million) last year. Pre-tax profit for the period fell slightly by -0.5% to JPY 2.93 billion (USD 29.7 million), compared with JPY 2.95 billion (USD 29.9 million) for the same six month period last year.

Meitec Corp. reported net income for H1 2013 of JPY 1.71 billion (USD 17.3 million), an increase of +0.8% compared with JPY 1.69 billion (USD 17.1 million) for the same period a year ago.

Looking forward, the company predicts that it will report revenue for the full year ending 31 March 2014 of JPY 73.5 billion (USD 745.4 million). It expects to achieve an operating profit of JPY 6.4 billion (USD 64.9 million), as well as a pre-tax profit of JPY 6.4 billion (USD 64.9 million). Net income for the full year is expected to reach JPY 4 billion (USD 40.6 million). 

Meitec Corporation is engaged in the provision of staffing services, engineering solution services, global services, and career support services. The company also provides human resource cultivation, staff agency and human resource consulting businesses in China while rhe Referral business segment provides re-employment support services, job agency services for engineers and Internet-based information services, as well as publications.

In trading today, the company’s share price rose by +5.3% to JPY 2,800 (USD 28.40), an increase of +67.7% compared with a year ago. Based on its share price, the company has a market value of JPY 92.4 billion (USD 937.1 million).

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