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By Kosaku Narioka
Askul shares rose sharply Wednesday morning after the Japanese e-commerce company delivered strong fiscal-year results and projected a 5.2% rise in net profit in the new fiscal year.
The shares were recently 11% higher at 2,292 yen after rising as much as 16% earlier.
Askul said Tuesday after market close that net profit increased 6.3% to Y9.79 billion ($67.8 million) for the fiscal year ended May 20, from Y9.21 billion for the previous fiscal year.
The e-commerce company said revenue growth and cost cuts helped offset an increase in expenses related to the openings of a new website and a new distribution center in Tokyo.
Fiscal-year revenue climbed 4.2% to Y446.71 billion, led by growth in sales to medical, manufacturing and other businesses.
For the new fiscal year that started May 21, Askul projected revenue would increase 7.9% to Y482.00 billion and net profit would rise 5.2% to Y10.30 billion.
Write to Kosaku Narioka at [email protected]
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