IIJ says operating profit down 40.5%

12 Aug 2008

Japanese internet access and network solutions provider Internet Initiative Japan (IIJ) has released its financials for the fiscal first-quarter ended 30 June 2008, showing group operating profit plummeted 40.5% from a year earlier to JPY411 million (USD3.74 million), impacted by operating losses at a number of newly created subsidiaries. Jiji Press reports that IIJ’s group net profit slumped 70.4% to JPY169 million in 1Q08, because of the lack of proceeds from sales of securities that IIJ reported in the corresponding period of 2007. On a more positive note, revenues climbed 19.2% year-on-year to JPY16.33 billion driven by growth in the corporate user segment as well as the acquisition of a new unit offering services to the consumer market in June 2007. IIJ left its earnings forecasts for the full year to 31 March 2009 unchanged.