ASX-listed telecommunications service provider, M2 Telecommunications, has lifted its earnings guidance for the 2011 financial year, ending June 30.
Earnings before tax has moved up 18 per cent to $49.25 million, while net profit rose 20 per cent to $27.25 million. This is in comparison to M2’s issued FY11 guidance in July last year.
In a statement to the ASX, M2 said the upgrade was in relation to forecast material improvements in the company’s wholesale purchasing arrangements for certain services for the six months to June 30. It also includes its recently completed acquisitions of Clear Telecom’s business assets and the mobile assets of Austar.
The company recently announced its half-yearly 2011 financial results with net profit increasing 40 per cent to $11.5 million and group revenues rising 15 per cent to $215.7 million for the half-year ending December 31.
Full year audited results are expected to be announced on August 29.