Raising rates hurting consumers, business ploughs on - 29 Feb, 15:57pm Crean marks major Woodside deal - 29 Feb, 15:54pm Stocks close lower, dragged back by banks - 29 Feb, 15:53pm EFTel revenue hits new high, posts profit - 29 Feb, 15:52pm
Perth-based internet service provider EFTel Ltd has reported a new half-year revenue record of $18.14 million for the six months to December 2007, 6 per cent higher than the previous corresponding period.
EBITDA was $1.47 million, an 81 per cent jump on the same period last year, and net profit after tax moved back into the black- up 144 per cent to $146,000.
EFTel chief executive Simon Ehrenfeld said the results were a vindication of the aggressive growth strategy pursued by EFTel during 2006 and 2007.
"We stood by our commitment to wear short term profit pain in order to keep growing our customer base and remain an Australian Top 10 Internet Provider. The benefits are now coming through," Mr Ehrenfeld said.
"Due to our larger scale, there is more good news to come, with the imminent commencement of BroadbandNext and the expansion of some of our operations into more economic markets overseas. These initiatives will deliver superior products and service quality, while lowering our cost of goods and overheads."
"We are continuing to develop our revenue opportunities while further rationalising our costs."
EFTel Ltd announced earlier this week that it had won an interim determination for cost relief from the Australian Competition and Consumer Commission regarding its line sharing access dispute with Telstra Corporation Ltd.
Telstra had attempted to charge EFTel $9 per month per service for access to its Line Sharing Service. Under the interim determination, that charge will be $2.50.
EFTel needs access to the LSS for delivery of its new high speed BroadbandNext network.
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EFT Price at posting:
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