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Staffing services provider Nippon Information Development Co., Ltd. (2349: JP) have upgraded their half year forecast for the six months ending 30 September 2013. The company had previously expected to report revenue for the period of JPY 7.72 billion (USD 78.5 million) but have upgraded their forecast to predict revenue of JPY 7.64 billion (USD 77.7), an increase of +1% against expectations.
The company previously expected to report an operating profit for the period of JPY 480 million (USD 4.9 million), but have now upgraded their forecast and expect to report an operating profit of JPY 651 million (USD 6.6 million), an increase of +35.6%.
Nippon Information now predicts that the company will achieve a pre-tax profit of JPY 655 million (USD 6.7 million) for the six month period, against a previous estimate of JPY 480 million (USD 4.9 million), equating to a rise of +36.5% against expectations. Net profit for the period is now forecast to nearly treble previous predictions reaching JPY 178 million (USD 1.8 million) for the first half of the year.
As a result of the upgraded forecast, Nippon Information has also upgraded its full-year forecast for the year ending 31 March 2014. Revenue is expected to remain unchanged at JPY 16 billion (USD 162.7 million), with operating profit rising by +10.3% to JPY 1.29 billion (USD 13.1 million) from a previously forecast JPY 1.17 billion (USD 11.9 million).
Pre-tax profit for the period is expected to increase by JPY 10 million (USD 101,670) against previous estimates to JPY 1.3 billion (USD 13.2 million). Nippon Information has forecast a full-year net profit of JPY 500 million (USD 5.1 million) against a previously forecast JPY 470 million (USD 4.8 million).
Nippon Information’s staffing services are provided by their Information Processing Service division, which is also engaged in the analysis, design, building, operation, supervision, and maintenance of network solutions. Nippon Information’s other division, System Development, provides communication and information systems software.
Based on its current share price, the company has a market value of JPY 6.5 billion (USD 66.1 million).