JAPAN – PASONA GROUP DOWNGRADES FULL YEAR FORECASTED RESULTS
(Jul.7, 2020, /staffingindustry.com/)Japanese staffing giant Pasona Group (2168: JP) revised its full year forecast for the year ended 31 May 2020.
Pasona Group downgraded its full year revenue forecast to JPY 324.9 billion (USD 3.02 billion), from the previously announced JPY 344 billion (USD 3.2 billion).
The group also downgraded its forecasted operating income to JPY 10.5 billion, down from the previously announced JPY 11 billion. Forecasted net income was also downgraded to JPY 550 million (USD 5.1 million), down from the previously announced JPY 2.3 billion (USD 21.3 million).
The group said its Expert Services division which includes temporary staffing, Insourcing (Contracting) and ‘Others’ reported a delay in recovery due to the revision of the dispatching law.
Additionally, during the fourth quarter, each business was negatively affected by the coronavirus pandemic, resulting in an impact on sales and profits.
The company also said that as a result of reviewing its future business plan in consideration of the impact of the new coronavirus infectious disease, it announced that it will post an impairment loss of JPY 1.74 billion (USD 16.1 billion) yen, which severely impacted the previously announced forecast.