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Japan – Like Co Q1 revenue rises 3.6% but profits sink

09 October 2019

Japanese staffing firm Like Co Ltd (2462: JP) reported revenue for the first quarter ended 31 August 2019 of JPY 12.40 billion (USD 115.6 million), up 3.6% when compared to last year.

(JPY millions) Q1 2019 Q1 2018 Change Q1 2019 (USD millions)
Revenue 12,401 11,971 3.6% 115.6
Operating Income 546 798 -31.5% 5.0
Net Income 235 297 -20.9% 2.1

Like Co Ltd. provides general worker dispatching and employment placement services. The company also provides outsourcing staffing, recruitment, as well as childcare support services and nursing care related services.

The company blamed costs in its childcare support service business as the main reason for the decrease in profits.

Looking ahead the company forecasted revenue of JPY 53.50 billion (USD 498.56 million) for the year ended May 2020.

On Wednesday, Like Co shares closed at JPY 1,648.00 (USD 15.36), down 2.54% on the day and 14.21% below its 52-week high of JPY 1,921.00 (USD 17.90), set on 9 September 2019. Based on its current share price the company has a market value of JPY 34.17 billion (USD 318.43 million).

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