RTTNews | Aug 7, 2020 01:20AM EDT

01:19 Friday, August 7, 2020 (RTTNews.com) - Shares of Internet Initiative Japan Inc. or IIJ (IIJIY) were trading around 8 percent higher in Japan after the Internet related network services provider reported Friday higher profit and revenues in its first quarter. Looking ahead for fiscal 2021, the company projects higher profit and sales.

For the first quarter, profit attributable to owners of the parent grew 43.8 percent to 1.12 billion Japanese yen from last year's 777 million yen.

Operating profit climbed 48.2 percent year-over-year to 2.05 billion yen.

Total revenues increased 1.1 percent to 50.38 billion yen from 49.83 billion yen a year ago.

Looking ahead for fiscal year ending March 31, 2021, the company projects attributable profit of 5 billion yen, up 24.8 percent from last year, operating profit of 8.70 billion yen, up 5.8 percent from last year, and revenues of 210 billion yen, up 2.7 percent from the prior year.

In Japan, Internet Initiative shares were trading at 4,055 yen, up 8 percent.

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