Internet Initiative Japan H1 Profit Down, Revenues Rise; Confirms FY24 Outlook; Stock Drops

(RTTNews) - Shares of Internet Initiative Japan Inc. (IIJIY) were losing around 2 percent in Japan after the internet service provider on Friday reported weak profit in its first half, despite higher revenues. Further, the company maintained its fiscal 2024 outlook.

For the first half, net profit attributable to owners of the parent fell 10.2 percent to 7.47 billion Japanese yen from last year's 8.32 billion yen. Earnings per share dropped to 42.03 yen from 46.53 yen last year.

Profit before tax declined 11.4 percent year-over-year to 11.12 billion yen, and operating profit fell 2.5 percent to 11.78 billion yen.

Total revenues, however, grew 14.7 percent to 147.02 billion yen from last year's 128.20 billion yen.

For fiscal 2024, the company continues to expect 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.

In Japan, Internet Initiative Japan shares were trading at 2,926.00 yen, down 1.8 percent.

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