Poolia Drops After Predicting Quarterly Loss: Stockholm Mover
Poolia AB (POOLB), a Swedish recruiting firm, fell the most in almost two months as it said further cost cuts were needed and forecast an operating loss in the fourth quarter.
Poolia stock fell as much as 11.5 percent to 10 kronor, its biggest intraday decline since Oct. 26 and traded 7.5 percent down at 10.45 kronor as of at 3:45 p.m. in Stockholm, valuing the company at 179 million kronor ($27 million). Trading volume was almost three times the daily three-month average.
Poolia expects a fourth-quarter operating loss, including restructuring charges, of between 25 million kronor and 30 million kronor, due to depressed economic conditions, it said in a statement today. That compares with a loss of 1.8 million kronor a year earlier for the Stockholm-based company.
Poolia said it will need to reduce costs further and cut more jobs, after implementing a program in the second quarter aimed at saving an annual 20 million kronor.
“Due to the current downturn in the economy and weak demand for our services, revenue has been less than expected,” the company in the statement. “We now need to make further savings including reducing staff.”
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