Australia’s second-largest internet provider iiNet is proving there’s nothing wrong with being number two, after posting a 64 per cent rise in profit.
The company made a net profit of $60.9 million in the year to June 30, up from the previous year’s $37 million.
Revenue grew 13 per cent to $941 million, while earnings increased 29 per cent from the previous year as more customers signed up to iiNet’s broadband plans, including its national broadband network (NBN) products.
Chief executive officer Michael Malone said he expected revenue from the NBN will increase even further in 2014.
“The NBN presents an exciting opportunity for iiNet and our customers regardless of the election outcome,” he said in a statement on Wednesday.
Between December 2012 and June, the number of people who signed up to iiNet’s NBN plans doubled to 20,000.
“We have embraced the NBN,” Mr Malone said.
“While still small in the context of iiNet’s total subscriber base, we expect this to grow strongly as the rollout speeds up.”
The company was the first internet service provider to offer NBN plans across fibre, satellite and wireless in 2012.
The company declared a final dividend of 11 cents, fully franked.
Shortly after Wednesday’s market open, iiNet shares were 11 cents lower at $6.34.