Yahoo Japan Corp said on Wednesday its net profit in the second quarter rose 46.2 percent from a year earlier on higher sales, but it forecast little further growth in the current quarter due to higher costs.
Japan's top Internet portal said however the earnings were little changed from the first quarter as its online auction and Web advertising businesses saw a slump in demand during the summer, and as costs increased due to the expansion of its offices and a tightening of security measures.
"The usual summer slowdown affected us, although the Summer Olympics helped offset that," said Yahoo Japan President Masahiro Inoue at a news conference. "But we managed to hit all of our targets, as we've got better at setting quarterly forecasts, which is still new to us."
Consolidated net profit for the second quarter jumped to 8.6 billion yen ($79.34 million) from 5.9 billion a year ago, compared with its forecast of 7.95 billion yen to 8.85 billion.
This also compared with 8.31 billion yen it earned in the first three months of its business year. It sees net profit of 8 to 9.3 billion yen for the October-December quarter.
Sales rose to 26.5 billion yen from 17.5 billion yen a year ago, at the higher end of its forecast of 25-27 billion yen.
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