Temporary staffing revenues up over 25% YoY in Q1 2018 for Honyaku
Honyaku Center, a language service provider in Japan, posted its financial results for the second quarter of the fiscal year 2018 (Japan’s fiscal year starts 1st April 2017). Honyaku recorded net sales of JPY 4.903bn (USD 43.5m), a slight 1.3% decrease from last year’s JPY 4.97bn (USD 49.1m).
Operating income likewise decreased by 17.5% from the same period of the previous year from JPY 341m in Q2 2016 to JPY 281m this quarter. Honyaku attributes this decline mainly to the poor performance of its conventions division.
Honyaku Center divides its business into six units: Translation, interpretation, language education, temporary staffing, conventions, and others. Within the translation unit, the company further breaks down results by vertical: medical, patent, industrial, and financial & legal.
The temporary staffing division recorded revenues increased 25.7% compared with the same period in 2016 to JPY 554m. The language education arm remained stable with a 6.9% increase year-on-year to JPY 100m.
In terms of outlook, the Tokyo LSP expects to beat its previous forecast of full year 2018 revenues by around 600 million yen and operating profits by an additional 30 million yen.
Honyaku’s updated guidance for full year 2018 now stands at JPY 10.6bn (US 94.1m) in revenues and JPY 780m (USD 6.92m) in operating income.
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