M2 expects profit surge in next financial year

M2 expects profit surge in next financial year

Net profit up 52 per cent compared to 2010 in M2's earnings guidance for financial year 2011

ASX-listed telecommunications company, M2 Telecommunications (ASX:MTU), predicts it will increase its net profit by 52 per cent for the next financial year.

In its earnings growth guidance for the 2011 financial year, M2 forecasts revenue will be bumped up by 12 per cent year-on-year with earnings before tax up 39 per cent.

“The guidance includes costs of around $3.2 million for amortisation of customer contracts acquired by M2, in accordance with accounting standards,” the company said in a statement to the ASX.

2010 financial statements are still being finalised and subjected to audit.

In April the company purchased select SMB assets from Clever Communications.

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Tags TelecommunicationsM2 Communications

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