TOKYO (dpa-AFX) - Shares of Internet Initiative Japan Inc. (IIJIY) were gaining more than 14 percent in Japan after the internet service provider on Wednesday reported higher revenues in its first quarter, and revised fiscal 2024 outlook. The company, meanwhile, reported weak profit in the quarter.
For the first quarter, net profit attributable to owners of the parent fell 7.3 percent to 3.32 billion Japanese yen from last year's 3.58 billion yen.
Profit before tax declined 8.1 percent year-over-year to 5.04 billion yen, and operating profit fell 10.4 percent to 4.48 billion yen.
Total revenues, however, grew 17.3 percent to 72.02 billion yen from last year's 61.42 billion yen.
For fiscal 2024, the company now expects attributable net profit of 20.6 billion yen, up 3.9 percent from last year, operating profit of 32.0 billion yen, a growth of 10.2 percent year-over-year, and total revenues of 312.0 billion yen, up 13.0 percent from last year.
The company previously expected net profit of 19.9 billion yen to 21.9 billion yen, up 0.3 to 10.4 percent year-over-year, operating profit of 30.0 billion yen to 33.0 billion yen, up 3.3 percent to 13.7 percent from last year, and revenues of 312.0 billion yen to 315.0 billion yen, up 13.0 to 14.1 percent year-over-year.
Eijiro Katsu, President of IIJ, said, 'Considering the current progress, we have revised our FY2024 financial targets from a range format to fixed figures this time. Due to required lead time for price pass-through, the impact for its cost rise would be gradually absorbed quarter by quarter. We had YoY profit decrease in 1Q, but it should turn to YoY increase soon.'
In Japan, Internet Initiative Japan shares were trading at 2,691.00 yen, up 14.26 percent.
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