Internet Initiative Japan Inc., First Half Net Income Decreases by 10%, July-September Net Income Decreases by 12%

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Fri Nov 8, 2024 12:00 pm JST Earnings

3774 Internet Initiative Japan Inc. 【IFRS】

Earnings Report

Internet Initiative Japan Inc. <3774> [TSE-P] announced its financial results (based on IFRS) at noon (12:00) on November 8th. The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 10.2% from the same period last year to 7.47 billion yen. The progress rate against the 20.6 billion yen full-year plan was 36.3%, also falling below the five-year average of 40.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 14.1% from the same period last year, reaching 13.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 4.15 billion yen, a 12.4% decrease compared to the same period last year. The operating profit margin decreased from 10.6% in the same period last year to 9.7%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	121,962	11,173	12,858	8,638	47.8	47.1	Nov 7, 2022	IFRS
Apr - Sep, 2023	128,198	12,080	12,552	8,322	46.8	43.4	Nov 6, 2023	IFRS
Apr - Sep, 2024	147,022	11,782	11,116	7,473	42.3	36.3	Nov 8, 2024	IFRS
YoY	+14.7%	-2.5%	-11.4%	-10.2%	-9.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	147,000	11,600	11,000	7,250	41.0	17.50	Aug 7, 2024	IFRS
Apr - Sep, 2024 Results	147,022	11,782	11,116	7,473	42.3	17.50	Nov 8, 2024	IFRS
Revision Rate	+0.0%	+1.6%	+1.1%	+3.1%	+3.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	147,882	16,949	16,382	11,509	64.9	17.18	May 10, 2024	IFRS
Oct - Mar, 2024 Guidance	164,978	20,218	19,484	13,127	74.2	17.50	Nov 8, 2024	IFRS
YoY	+11.6%	+19.3%	+18.9%	+14.1%	+14.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	252,708	27,221	27,309	18,852	104.3	29.26	May 12, 2023	IFRS
Mar, 2024	276,080	29,029	28,934	19,831	111.8	34.36	May 10, 2024	IFRS
Mar, 2025 Guidance	312,000	32,000	30,600	20,600	116.4	35	Aug 7, 2024	IFRS
YoY	+13.0%	+10.2%	+5.8%	+3.9%	+4.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	66,778	7,077	7,071	4,739	26.6	10.6	Nov 6, 2023	IFRS
Oct - Dec, 2023	72,900	8,200	7,093	4,657	26.2	11.2	Feb 7, 2024	IFRS
Jan - Mar, 2024	74,982	8,749	9,289	6,852	38.6	11.7	May 10, 2024	IFRS
Apr - Jun, 2024	72,016	4,482	5,039	3,322	18.8	6.2	Aug 7, 2024	IFRS
Jul - Sep, 2024	75,006	7,300	6,077	4,151	23.5	9.7	Nov 8, 2024	IFRS
YoY	+12.3%	+3.2%	-14.1%	-12.4%	-11.9%