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Japanese recruiter Pasona Group (2168: TYO) revised their previously published annual results on Wednesday showing lower revenue than expected but stronger profitability. In April, the company estimated that operating revenue for the year to the end of May would be JPY 212 billion (USD 2.12 billion), which has now been revised downward by -2% to JPY 207.6 billion (USD 2.07 billion).
However, annual operating income was revised upward by +5.7% from an expected JPY 3 billion (USD 30 million) to JPY 3.17 billion (USD 31.7 million). Compared to the prior year, operating income rose from JPY 1.96 billion (USD 19.6 million) equating to a +62% increase.
Net income was predicted to be JPY 350 million (USD 3.5 million) but the company, performed +71.4% better than expected by achieving JPY 600 million (USD 6 million). In the prior year, net income was only JPY 29 million (USD 290,039).
The company gave no explanation for the recalculation of their results.
Pasona’s main source of revenue comes from temporary staffing, contracting, and recruitment services.
Following the release of the revised figures, the company’s share price rose +1.62% to JPY 69 (USD 0.69), an increase of +20.59% compared with last year. The company has a current market value of JPY 28.76 billion (USD 287 million).
According to Staffing Industry Analyst’s research, Pasona is ranked the third-largest staffing company in Japan, which has a large and dynamic temporary staffing industry.