Internet Initiative Japan Inc. (IIJI), a provider of Internet connectivity and network solutions, Friday said it has revised its first half and full year 2008 consolidated financial targets from the initial target announced on May 15.
The Tokyo, Japan-based company now expects first half net income of JPY300 million or JPY 1,452.94 per share, compared to the previous target of JPY800 million or JPY3,874.50 per share announced earlier.
Revenues for the first half are now expected to be JPY33,200 million, lower than the previous estimate of JPY34,500 million.
The company said financial results for the first half would be below its initial target as systems construction revenue fell short of budget, there was an unprofitable systems integration project and personnel related costs have increased due to the hiring of new employees in view of the mid-term growth.
According to the company, in the first half of fiscal year 2008, corporate earnings are decreasing and capital expenditures are weakening in general, and the Japanese economy is deteriorating and is expected to continue for a while.
For fiscal year 2008, revised guidance for net income is JPY2,800 million, down from the prior forecast of JPY5,200 million. Revenue is now estimated to be JPY73,000 million, compared to the prior forecast of JPY78,500 million.
IIJI closed Thursday's regular trade at $3.33, down $0.03 or 0.83%, on 75,138 shares.
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