iiNet revenues and profits surge

22 Feb 2010, 1:57 pm   -   Source: SBS staff and agencies
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Internet service provider iiNet has posted an 11 per cent increase in revenue to $228.1 million for the first half of the financial year.

Internet service provider iiNet has posted an 11 per cent increase in revenue to $228.1 million for the first half of the financial year.

The company, which recently won a court battle against a federation of major entertainment labels, recorded a pre-tax profit jump 20 per cent to $37.4 million.

"iiNet's positive half year result, combined with an improved domestic economic outlook and exciting pipeline of product and content initiatives, provides a strong foundation for continued growth over the 2010 financial year and beyond," chief executive Michael Malone said.

"iiNet reaffirms its previous 2010 full year guidance of underlying EBITDA in the range between $75 million to $80 million."

The company also reported its total subscribers were up five per cent to 799,817.

Innovation was believed to be a key driver for the company's growth, with its all in one phone and internet product BoB, selling over 21,000 units since launching last year.

"Our customers can continue to look forward to additional product innovations, including IPTV in the near future," Mr Malone said.

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