Recruit Holdings’ Net Profit Plunges 62.4 Pct in April-June

Economy

Tokyo, Aug. 27 (Jiji Press)--Japan’s Recruit Holdings Co. <6098> has said that its consolidated net profit in April-June plunged 62.4 pct from a year before to 22,323 million yen.

The result came as the spread of the novel coronavirus battered the company’s sales from advertisements for job openings and sales support operations for restaurant and travel businesses.

According to its latest earnings report, released on Wednesday, the company’s overall revenue in the first quarter of fiscal 2020 fell 20 pct to 475,488 million yen.

The number of paid recruiting ads on Indeed, a job search site operated by Recruit Holdings, fell sharply after companies in and outside the country increasingly refrained from hiring employees due to uncertainty over the course of the economy.

Recruit Holdings did not disclose its earnings forecasts for the full fiscal year ending in March 2021 as it is still unknown when the pandemic will be brought under control.

[Copyright The Jiji Press, Ltd.]

Jiji Press