MyNetFone profit rises 31 per cent due to organic growth

Telco posts profit of $3.1 million, up from $2.4 million in first half 2014

Organic growth in the small business and wholesale managed service segments has led to a net profit after tax (NPAT) of $3.1 million for MyNetFone (ASX: MNF) in the six months to 31 December, 2014.

NPAT was up from $2.4 million during the first half of 2014.

The VoIP provider also recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of $5 million, up from $3.7 million in the previous period.

In July 2014, MyNetFone CEO Rene Sugo told Computerworld Australia that it was “very much focussed” on organic growth.

“We're growing organically, especially in the small to medium business and in the wholesale space where we offer open access to our network for other carriage service providers and other IT service providers,” he said at the time.

"We offer open standards, open protocols for people to plug into our network and deliver their value add, if you like, using our capabilities,” said Sugo.

In July 2014, MyNetFone acquired the assets of wholesale telecommunications and billing platform, iBoss, from defunct wholesaler ispONE for $1.4 million.

At the time, the company estimated the acquisition would contribute approximately $250,000 to the company’s EBITDA in the 2014/15 financial year.

During December 2014, the company acquired the source code and intellectual property rights of software development business OpenCA for $500,000 from S2Net Limited.

“With a discerning and conservative approach, the board of MyNetFone will continue to actively search for further acquisition opportunities while we remain totally committed to driving growth and performance within the business,” the company said in an ASX statement.

According to MyNetFone, the business is on track to meet its forecast EBITDA of $11.2 million and NPAT of $7.1 million for the full year ending 30 June 2015.

Follow Hamish Barwick on Twitter: @HamishBarwick

Follow Computerworld Australia on Twitter: @ComputerworldAU, or take part in the Computerworld conversation on LinkedIn: Computerworld Australia

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