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M2 net profit after tax up 47 per cent to $24.7 million

M2 net profit after tax up 47 per cent to $24.7 million

Revenue increases 65 per cent to $305.2 million

Telco services company, M2 Telecommunications Group, has posted a net profit of about $24.7 million in the first half, up about 47 per cent from the same period last year.

Its revenue increased to about $305.2 million in the first half, up 65 per cent from the year ago period. The acquisition of Primus contributed to the company’s growth.

Its earnings before interest taxes depreciation and amortisation or Ebitda increased to $55.1 million, nearly doubling from the yea-ago period.

M2 CEO, Geoff Horth, said, “We enter 2013 with an integrated business in excellent financial health and armed with a comprehensive suite of next generation service offerings for our customers which have been enhanced, as a result of our expanded portfolio of assets, to include “Commander Hosted Phone” and “Commander Cloud” for business customers.”

Following the acquisition of Primus in June 2012, the company has been working on integration and to deliver synergies which will positively impact its earnings in the second half of this financial year.

M2 had about $29.6 million in cash as of the end of the first half. Its net dent was about $116.2 million.

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