iiNet Places Profit Jump

iiNet, Australia’ third largest internet service provider posted a 28.8% jump in full year profits today after a growing number of broadband internet subscribers. iiNet now says it is well placed for the 2009/10 financial year.

The Perth-based broadband internet service provider which offers ADSL, ADSL2+ and Naked DSL internet services posted a net profit of $25.63 million for 2009 financial year up from $19.90 million in the previous financial year.

The rise in iiNet profit was a result of continued sustained growth in its broadband and telephone products. Part of the strong financial result was attributed to Westnet which iiNet acquired for $81m in early 2008. iiNet customers now make up 8% of the total broadband market in Australia.

iiNet Naked DSL subscribers grew by 123 per cent during the year and iiNet now has more than 67,000 subscribers. iiNet is continuing to upgrade more exchanges across Australia with ADSL2+ infrastructure.

Michael Malone, iiNet’s managing director said the Federal Government’s National Broadband Network would provide many opportunities for the company. The National Broadband Network will upgrade the broadband network in Australia to provide 90% of homes with broadband speeds up to 100 mega-bits-per-second.