MyNetFone posts 23 per cent revenue increase

Gross profit and revenue best on record for IP telco

Internet based (IP) telecommunication services provider, MyNetFone (ASX: MNF), has recorded a revenue increase of $12 million, up 23.6 per cent on last year, for the financial year ended June 30.

Financial results released to the ASX show gross profit rose 27.3 per cent to $5.2 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) also climbed a whopping 771 per cent from $232,629 last year to $2 million.

Net profit after tax rose to $1.9 million.

The gross revenue and profit were the best on record for the company since listing on the ASX in May 2006, according to an ASX statement, due to major growth in subscription and usage of voice over IP (VoIP), broadband data and other enhanced IP communication services.

“The introduction of naked ADSL2+ service in the year has enabled the company to offer bundled VoIP and broadband internet services with one single bill, which has proved to be popular with bot residential and business customers.”

The company also plans to offer business to business number portability.

“The combination of naked ADSL services with the number portability process is expected to further increase the service up take,” the ASX statement said.

MyNetFone expects uptake of its session initiation protocol (SIP) trunking service to contribute to future revenue growth.

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