iiNet net profit up 11 per cent to $37m

iiNet net profit up 11 per cent to $37m

Acquisitions of Internode and TransACT and organic growth helped the growth

Telco services provider iiNet’s net profit after tax jumped 11 per cent to $37.1m for the fiscal year ended June 30, helped by a mix of acquisitions and organic growth.

The ASX-listed Internet services provider posted revenue of $831m, up 19 per cent from the previous year. The revenue jump was in part due to the acquisitions of Internode and TransACT.

Its EBITDA or earnings before taxes depreciation and amortisation was up 47 per cent to $145m. iiNet attributed that to organic growth as well as acquisitions, its focus on core network efficiency, and regulatory benefits.

Its total group customer base was up 26 per cent to 1.6 million, with on-net subscribers rising to 548,000 from 381,000 - its largest customer segment. Its mobile subscribers saw the biggest jump of about 78 per cent to 93,000. Its fixed phone and VoIP service grew at the same rate at about 17 per cent to 431,000 and 216,000 subscribers respectively.

iiNet aid it has focused on increased bundling, and more products per customer, and customer migration with 65 per cent on-net.

The company plans to continue expanding its presence in the mobile space, and NBN-related services, it said.

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