CHESEREX (dpa-AFX) - Adecco SA (AHEXY.PK, ADO.L) reported that its third quarter net income to shareholders declined to 80 million euros from 179 million euros, previous year. Earnings per share was 0.49 euros compared to 1.10 euros. The company said the year-on-year decline in reported net income was primarily driven by higher restructuring charges compared to the same period in the prior year, related to real estate rationalisation and transformation of the Group's operations in Germany. EBITA excluding one-offs was 220 million euros compared to 280 million euros.
Third quarter revenue was 4.83 billion euros, down 18 percent from previous year. Revenues were down 15% year-on-year organically.
The Group noted that it has no further outstanding payment deferrals and maintains a strong liquidity position, with 1.5 billion euros cash on hand and an undrawn credit facility of 600 million euros.
Copyright RTT News/dpa-AFX