SYDNEY--Telco company Vocus Communications Ltd. (VOC.AU) expects revenue to more than double this fiscal year boosted by its recent acquisition of fiber optical cable owner Nextgen Networks.
Vocus Chief Executive Officer Geoff Horth told the company's annual shareholder meeting on Tuesday the company expects revenue of 1.9 billion Australian dollars (US$1.4 billion) in the year ending June 30, 2017, compared to the A$830.8 million reported last fiscal year.
The company also expects underlying net profit, which excludes amortization of acquired intangibles, to be between A$205 million and A$215 million, up from A$101.7 million last fiscal year.
Vocus in July agreed to acquire Nextgen Networks and the North West Cable System development project for an upfront payment of A$807 million. The deal was completed in October.
Nextgen Networks is one of Australia's largest national fiber backhaul networks covering around 17,000 kilometers and connecting capital cities to regional and remote areas.
The North West Cable System is a project to build a 2,000 kilometer submarine cable from Darwin in Australia's north to Port Hedland in Western Australia state to service the mining and offshore oil and gas sectors. Commercial operations are expected to commence in late 2016.
- Write to Rebecca Thurlow at [email protected]
(END) Dow Jones Newswires
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