iiNet unveils 35% rise in full-year profits

16 Aug 2010

Alternative Australian broadband operator iiNet has revealed a 35% year-on-year increase in net profit for its 2009/10 financial year. The company posted a net profit of AUD34.55 million (USD30.8 million) for the twelve months ended 30 June 2010, up from AUD25.63 million a year earlier, while revenues were up 13% against FY09 at AUD473.8 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) were AUD80.7 million, up from AUD67.2 million in 2009.

The operator also reiterated that it aims to boost its market share in the broadband sector to 15% prior to the full launch of the country’s National Broadband Network, and to that end it highlighted the customer gains made in part as a result of its acquisition of Netspace in April 2010. At end-June 2010 iiNet’s total broadband subscriber base had risen to 539,400, up from 421,000 a year earlier.

Commenting on the results, Michael Malone, iiNet CEO, said: ‘Over the past twelve months, iiNet has experienced strong sustained growth in its products and services. This has been a direct result of the continued delivery of our strategy, and the dedication and hard work of all the people within our organisation. We continued doing what we do best in terms of service, brand, content, and consolidation.’

Australia, iiNet (incl. Internode)