Internet Initiative Japan Q1 Profit Drops, Backs H1, FY23 Outlook; Stock Down

(RTTNews) - Internet Initiative Japan Inc. (IIJIY) reported Tuesday that its first-quarter profit attributable to owners of the parent was 3.58 billion yen, down 18.4 percent from 4.39 billion yen a year ago. Earnings per share were 19.91 yen, compared to 24.19 yen last year.

Operating profit edged down 0.5 percent from last year to 5.0 billion yen.

For the period, total revenues were 61.4 billion yen, up 5.6 percent from 58.19 billion yen a year ago. Network services revenues excluding mobile services grew 11.1 percent.

Looking ahead for the first half, the company continues to project attributable profit of 8.9 billion yen, up 2.5 percent from last year; operating profit of 13.4 billion yen, up 20 percent; and total revenues of 138 billion yen, a growth of 13.1 percent.

For fiscal 2023, the company still projects attributable profit of 20.7 billion yen, up 10 percent; operating profit of 31.5 billion yen, up 15.7 percent; and total revenues of 286 billion yen, up 13.2 percent from the prior year.

In Japan, the shares were trading at 2,460 yen, down 4.61 percent.

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