iiNet $31.9m Profit 1H2013

Internet Service Provider, iiNet (ASX:IIN) have released its first half financial results for FY 2013 to its shareholders and investors.

• iiNet Net Profit of $31.9 million, up 122 percent.
• The higher revenues and profit margins comes after the company’s $132 million acquisition of South Australian Internode and Canberra based transACT.
• iiNet revenue was $474 million, up 30 percent.
• Managing Director and CEO at iiNet Michael Malone said, "The company’s strong cash flows have enabled us to pursue attractive strategic acquisitions, quickly pay down debt and grow dividends. iiNet’s recent entry into the S&P/ASX200 Index is a milestone we are all very proud of."
• Average products per customer is up from 1.8 to 2.2 during the half year.
• iiNet has 108,000 mobile subscribers and is Australia's third largest internet service provider (ISP).
• iiNet declared an interim dividend of 8 cents per share.