MyNetFone reports 56.8% 1H profit rise

VoIP and IP service provider MyNetFone (ASX:MNF) increased its 1H profit 56.8 per cent year-on-year, as a result of healthy customer take-up

VoIP and IP service provider MyNetFone (ASX:MNF) grew its profit 56.8 per cent to a record $523,000 during the first half.

The company said its revenue increased 15.4 per cent to $6.65 million, while ebitda for the half rose 50 per cent to $541,000.

Margins stayed flat at 41 per cent, while operating expenses grew 5.6 per cent but were overbalanced by organic growth.

The company said the earnings growth had been aided by increasing take-up of value-added communication services such as SMS, audioconfererencing and mobile VoIP, as well as its cloud-based Virtual PBX telephony service.

Its mainstay VoIP and DSL businesses also experienced growth during the quarter, with naked DSL take-up remaining in line with forecasts.

MyNetFone said it planned to launch several new products this year, but did not provide further details, stating that announcements will be made when the arrangements are finalised.

The company has revealed it is on track for profitable growth in the second half of the year, but did not give a projected figure.

MNF shares fell 7.41 per cent during Monday's trading to $0.250.

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