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Japan – ThreePro posts disappointing full year results

03 December 2013

Japan-based human resources and employment services firm ThreePro Group (2375: JP) reported revenue of JPY 8.78 billion (USD 85.5 million) for the year ending 31 October 2013, a fall of -6.5% compared with JPY 9.39 billion (USD 91.4 million) a year ago.

The company reported an operating profit of JPY 227 million (USD 2.2 million) for the 12 month period, down by -16.6% from JPY 272 million (USD 2.6 million) in 2012. Pre-tax profit for the period fell by -35.2% from JPY 352 million (USD 3.4 million) in 2012 to JPY 228 million (USD 2.2 million) this year.

The company achieved a net profit of JPY 164 million (USD 1.6 million), equating to a -57.2% drop from a net profit of JPY 383 million (USD 3.7 million) last year.

ThreePro had previously downgraded their full year results, following a disappointing nine-month performance. The company had previously expected to achieve an annual revenue of JPY 9.25 billion (USD 93 million) for the year ending 31 October 2013. According to the company’s statement, expectations of economic recovery are growing but the business environment remains uncertain.

Forecasting for the year ending 31 October 2014, the company predicts that it will achieve an annual revenue of JPY 9.2 billion (USD 89.6 million). Net profit for the coming year is not expected to surpass net profit for 2013, with the company anticipating JPY 150 million (USD 1.5 million) in the next 12 months.

In trading today, the company’s share price rose by +1.2% to JPY 246 (USD 2.40), an increase of +8% compared with a year ago. Based on its share price, the company has a current market value of JPY 1.4 billion (USD 13.6 million).      

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