VoIP service provider MyNetFone (ASX: MNF) has posted record half year results, with an almost 4000 percent increase in net profit along with almost 27 percent increase in revenues and over 800 percent increase in EBITDA.

NPAT for the six months to 31 December 2009 was $333,460, revenue $5.761m and EBITDA $362,305. Figures for the corresponding period last year were $8,640, $4.541m and $39,973. The company maintained gross margins at 43 percent and contained operating expenses at an 18 percent increase.

MyNetFone said: "These strong financial results were achieved as a result of a steadily increasing monthly profit and strong organic growth of the business across the entire VoIP and broadband product range.

"The growth in business enterprise customers with higher ARPU has accelerated further with virtual PBX and SIP trunk services now numbering over 600 while naked ADSL subscribers are growing steadily."

It claimed that a recent internal survey had found over 96 percent of customers are either satisfied or very satisfied with its service and would recommend it to their friends, relatives and work colleagues.

MyNetFone has not given customer numbers of the half year but in its 2009 annual results claimed to have 74,000 as at July 2009.

Rival ASX listed VoIP service provider Engin is "the largest independent voice over IP company" in Australia according to Ryan Stokes, director of its controlling shareholder, Seven Network, addressing Comms Alliance's broadband forum earlier this month.

However, Engin said earlier this month - when it launched its virtual IP PBX service - that it had 70,000 customers.