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Japan – ThreePro downgrades full year results

04 September 2013

Japan-based human resources and employment service firm ThreePro Group (2375: JP) reported revenue of JPY 6.7 billion (USD 67.3 million) for the nine months ending 31 July 2013. This represents a fall of -6.3% from JPY 7.15 billion (USD 71.8 million) for the same period last year.

Operating profit for the period was JPY 132 million (USD 1.3 million), however no comparable figure has been provided for the same period a year ago. Pre-tax profit more than halved, year-on-year, from JPY 281 million (USD 2.8 million) in 2012 to JPY 124 million (USD 1.2 million) this year, a drop of -56%.

Net profit for the nine month period recorded a substantial decline, falling from JPY 308 million (USD 3.1 million) in 2012 to JPY 100 million (USD 1 million) this year.

Following these disappointing results, the company has amended its full year forecast, downgrading expectations across the board. Revenue was previous predicted to reach JPY 9.25 billion (USD 93 million) for the full year ending 31 October 2013. This prediction has been lowered to JPY 8.7 billion (USD 8.7 million), an annual fall of -6%.

Operating profit was expected to hit JPY 301 million (USD 3 million) in 2013, however this has been reduced considerably to JPY 180 million (USD 1.8 million). Net profit for 2013 is predicted to be JPY 110 million (USD 1.1 million), below the previous forecast of JPY 215 million (USD 2.2 million).

ThreePro is owned by the Suripuro Group Co and was originally founded in 1977. It is headquartered in Tokyo and focuses on the IT sector offering support in sales and marketing, introduction, installation and exchange, and operations, including call centre services.

The company claims that the expectations of economic recovery are growing but that the business environment is still uncertain.

Despite the more pessimistic outlook, the shares closed yesterday up +3.11% to JPY 298 (USD 2.99), an increase of +38.4% compared with a year ago. Based on its current share price, the company has a market value of JPY 1.7 billion (USD 17.1 million).

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