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Goodwill Group posts loss

September 18 2008

The Goodwill Group Inc., a Tokyo-based firm with staffing and other operations, announced last week a net loss of 27.42 billion yen (US$258.5 million) for its fiscal year ended June 30.

The company reported negative shareholders equity of 2.69 billion yen (US$25.4 million).

Full-year revenue, however, rose 14.8% to 584.32 billion yen (US$5.51 billion). Gross margin fell to 21.0% from 23.4%.

This year, the Goodwill Group closed its Goodwill Inc. temporary staffing subsidiary, which supplied day laborers in Japan. The year also saw operations at 737 of its staffing offices temporarily suspended by the Japanese government over alleged violations of Japanese labor law. News reports also said three internal employees were arrested and that the company itself faced charges over the illegal dispatch of staff.

The company plans to change its name to Radia Holdings Inc. in October, but shareholders must approve the change. The company also plans to name Charles Abadie as chairman. Abadie is now an advisor with private equity firm Cerberus. He was previously president and CEO of Boca Raton FL-based Tandem Staffing.

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