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Internet Initiative Japan Q1 Profit Rises, Backs FY22 Outlook; Stock Down

Internet Initiative Japan Inc. (IIJIY) or IIJ, an Internet-related network services provider, reported Friday that its first-quarter 2021 profit attributable to owners of parent was 4.4 billion yen, up 25.2 percent from last year's 3.51 billion yen.

Operating profit was 5 billion yen, a growth of 15.3 percent percent from the previous year.

Total revenues for the period grew 9.8 percent to 58.2 billion yen from 52.98 billion yen last year.

Looking ahead for the first half, the company expects attributable net profit of 6.8 billion yen, operating profit of 10.7 billion yen, and revenues of 117 billion yen.

For fiscal 2022, the company continues to expect attributable net profit of 17.5 billion yen, up 11.7 percent from last year; operating profit of 27.2 billion yen, up 15.5 percent; and revenues of 250 billion yen, up 10.5 percent year-over-year.

Further, the company said its Board of Directors resolved a stock split in which each share of IIJ's common stock will be split into two shares. The record date of the stock split shall be September 30.

In Japan, Internet Initiative Japan shares were trading at 5,030 yen, down 7.4 percent.

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