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Third quarter net income rose 40% at Adecco SA, despite weaker demand in the
Profit was helped by a gain of 12 million euros from the change in the calculation of French social security contributions and 28 million euros from lower income taxes in
Adecco's third-quarter revenue rose 2% to euro5.44 billion (US$7.77 billion) from euro5.33 billion in the same period last year. Gross margin improved to 18.5% from 17.2%.
"We continue to see solid growth rates in the European and Asian staffing markets, while demand in the
Adecco also said information technology staffing revenue fell in the
Third-quarter operating income in the
Adecco said it anticipates the
Adecco acquired German staffing firm Tuja Group in the third quarter, and it bought 15.7% of Deutscher Industrie Servie AG (DIS), another German firm, that it did not already own. In the
Adecco said it was still committed to meeting its long-term goal of annual revenue growth of 7% to 9 %.
Shares of Adecco fell 0.84% in trading on the virt-x exchange to 70.50 Swiss francs.
For the third quarter ended Sept. 30, 2007, compared with the same period in 2006
Revenue: euro5.44 billion (US$7.77 billion), +2%
Net income: euro230.0 million (US$328.3 million), +40%