Randstad Q3 net profit down 23 percent

AMSTERDAM (AP) — Randstad NV, the Dutch staffing services company, said Thursday third quarter profit fell 23 percent as most companies were looking to cut employees rather than hire temporary workers during the downturn.

Net profit was €59.3 million ($87.3 million), down from €76.7 million in the same period a year ago. Sales fell 29 percent to €3.18 billion.

"The revenue trend has become a little better through the quarter on average, a trend which has continued in October," said Chief Executive Ben Noteboom in a statement.

He said that demand for highly skilled employees was stabilizing at a lower level than before the economic downturn "while staffing and inhouse services are gradually picking up."

Randstad purchased Vedior NV for €3.5 billion in May 2008, making it the second largest staffing company behind Adecco SA of Switzerland and ahead of Manpower Inc. of the U.S.