The Lausanne-based human resources firm Adecco has announced a 38 per cent drop in first-quarter net income, before taxes and costs, of SFr101 million ($60.7 million).
Adecco, which is the world's largest employment services group, also declared first-quarter sales of SFr6 billion, down 11 per cent.
The company said on Wednesday that it saw signs of a recovery in the second half of 2002.
Analysts expect Adecco's net income to fall in 2002 to around SFr76 million.
swissinfo with agencies