FX.co ★ Internet Initiative Japan H1 Profit Down, Revenues Rise; Confirms FY24 Outlook; Stock Drops

Shares of Internet Initiative Japan Inc. (IIJIY) experienced a decline of around 2 percent in Japan following the announcement on Friday of its first-half earnings report, which revealed a decrease in profit despite an increase in revenue. The company has nonetheless upheld its fiscal 2024 forecast.

In the first half, the net profit attributable to shareholders decreased by 10.2 percent to 7.47 billion yen, compared to the previous year's 8.32 billion yen. Consequently, earnings per share fell from 46.53 yen to 42.03 yen.

There was an 11.4 percent year-on-year decline in profit before tax, amounting to 11.12 billion yen, and operating profit also saw a reduction of 2.5 percent, dropping to 11.78 billion yen.

On a positive note, total revenues increased by 14.7 percent, reaching 147.02 billion yen compared to 128.20 billion yen in the previous year.

For the fiscal year 2024, Internet Initiative Japan anticipates a net profit attributable to shareholders of 20.6 billion yen, reflecting a 3.9 percent rise from the prior year. The company also projects an operating profit of 32.0 billion yen, marking a 10.2 percent increase year-on-year, and total revenues of 312.0 billion yen, up 13.0 percent from the previous year.

In Japan, the company's shares were trading at 2,926.00 yen, reflecting a decline of 1.8 percent.