iiNet posts 64% surge in profit

ISP on track to benefit from the NBN regardless of the election outcome.

Internet service provider iiNet (IIN) has posted a record 64% jump in its net profit for the full year, with the company saying that it’s on track to benefit from the National Broadband Network (NBN) whether it’s Labor’s fibre to the premises (FTTP) or the Coalition’s fibre to the node (FTTN) version.

The ISP posted a full year net profit of $60.9 million, with revenue up 53% to $941 million and earnings per share up 58% to 37.8 cents.

iiNet’s net profit number is significantly better than expectations. Credit Suisse was forecasting a normalised net profit after tax (NPAT) of $56 million, while Bank of America Merrill Lynch has pinned a NPAT of $54 million.