MyNetFone profits from VoIP

Stuart Corner
Thursday, 27 August 2009 07:17

IT Industry - Strategy

VoIP service provider MyNetFone (ASX: MNF) has reported its maiden full year after tax profit of $0.170m, compared to a loss of $1.9m last year, and maiden full year EBITDA of $0.233m on revenues of $9.8m.

Revenue was up 43.7 percent on 2008 and the company completed five consecutive quarters of positive cashflow. Customer numbers reached 74,000 as of July 2009, up from 60,000 in July 2008.

MyNetFone said that the launch of naked ADSL2+ broadband service in May 2009, together with a strong take-up of Virtual PBX service by enterprise customers and the continuing popularity of its VoIP services with residential customers, had all contributed to the result.

"Up-takes by business customers for a wide range of MNF business solutions ranging from simple multi-line to complex multisite converged services continues to gain popularity. Compared with residential sector, the business segment achieved higher ARPU. The introduction of naked ADSL2+ service in the year has enabled the company to now offer both broadband and VoIP services as well as other enhanced IP applications to both residential and business segments."

However, it added that: "The complexity of the service offerings, together with the need to meet unique requirements in different customer segments, has posed challenges to the company to develop internal systems and processes that deliver high standards of customer service efficiently in accordance with best practice in the industry."

MyNetFone claimed that its ability to develop innovative services coupled with its expertise in voice and broadband technologies had enabled it to offer a wide range of business solutions and plans to meet the needs of enterprise customers. "This distinctive competitive advantage will position the company well in future years to capture high value enterprise customers with increase in ARPU and to evolve into a multi-service provider catering for a variety of customers' profiles and requirements."