iiNet looks forward to growth over coming year

After announcing a recent drop in annual profits officials from the broadband and communications giant iiNet have said that they are expecting growth over the year to come.

One of Australia’s well know broadband and communications giants iiNet recently announced a drop in annual profits, which are said to have fallen by three percent. However, despite this setback the provider is remaining positive according to recent reports, with officials from the company stating that profits and customer numbers are expected to grow over the year to come.

iiNet officials have said that a rise in customer numbers coupled with various acquisitions will help to drive profits back up over the coming year, which is a positive outlook for the company given the recent drop in profits. In the year to the end of June iiNet reported profits of $33.37 million, which was a drop from the $34.55 million in the previous period.

Having acquired AAPT’s consumer division for $60 million in July last year iiNet said: “In terms of profit growth in the next year, obviously we will get a bit more from organic growth, but the main game is about getting costs out of AAPT.” The company is said to have added 7700 new broadband customers in the year to the end of June.

An official from iiNet said: “We’re still doing it tough in regional Australia, where Telstra’s charging us more for wholesale access than they are selling it for retail themselves.” He added: “We are genuinely excited by the increased market opportunities the NBN will bring, doubling the available market for iiNet’s services.”

Source – Nine MSN