iiNet reveals 6.3% y-o-y increase in net profit for first half 2009-10

22 Feb 2010

Australian alternative broadband provider iiNet has released its financial results for the first six month of its 2009-10 fiscal year, posting a 6.3% year-on-year increase in net profit. For the six months ended 31 December 2009 iiNet generated a net profit of AUD12.1 million (USD10.9 million), up from AUD11.4 million a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 8% y-o-y to AUD33.6 million. On the back of the results the company reiterated its full year guidance, noting that it expects EBITDA to be between AUD75 million and AUD80 million for the full year.

In terms of subscribers, as at end-December 2009 iiNet had a total of 799,817 customers over all its lines of business. Of those 443,400 had signed up to the operator’s high speed broadband services, of which 262,500 were on-net. At that same date the telco had 139,200 VoIP customers.

Commenting on the results, Michael Malone, iiNet chief executive, said: ‘iiNet’s positive half year result, combined with an improved domestic economic outlook and exciting pipeline of product and content initiatives, provides a strong foundation for continued growth over the 2010 financial year and beyond.’

Australia, iiNet (incl. Internode)