Yahoo Japan Profit Rose 22%
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TOKYO (Reuters) - Yahoo Japan Corp. , the country's most popular Web portal, said on Monday its latest quarterly profit rose 22 percent after attracting more stores to its online auction and shopping sites.
Group net income was 13.6 billion yen ($114.5 million) in the three months to September 30, from 11.14 billion yen a year ago. The company's estimated profit range was between 13.1 billion yen and 14.9 billion yen.
Yahoo Japan, 41-percent owned by telecoms conglomerate Softbank Corp. , has been boosting its efforts to add more online shops and video clips to compete against rivals such as Rakuten Inc. . America's Google Inc. , the world's biggest Web search, is also increasing its presence in Japan with new services such as news and searches for cellphones.
Tokyo-based Yahoo estimated net income in the current quarter will land within the range of 13.65 billion yen and 15.2 billion yen. It forecast sales of between 51.7 billion yen and 55.2 billion yen.
America's Yahoo Inc. , which owns a third of the Japan unit, said earlier this month its quarterly profit dropped 37 percent to $159 million on higher stock option costs and slowing advertisement sales.
Tokyo-based Yahoo Japan also said advertisement sales, which make up 40 percent of total revenue, were flat at 21.2 billion yen in the second quarter compared to the first quarter, because companies limited spending amid concern about rising oil prices and slowing stock markets.
In the second quarter, total sales rose 24.5 percent to 51.2 billion yen. The company had forecast a range of 51 billion yen and 54.9 billion yen.
The company said revenue at its business service segment, which does not include ad sales, rose 42 percent to 11.4 billion yen, helped by commissions from the increased number of shops at its online mall and auction service.
Yahoo Japan does not provide annual earnings forecasts.
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