MyNetFone reports 56.8% 1H profit rise

VoIP and IP service provider MyNetFone (ASX:MNF) grew its profit 56.8% to a record $523,000 during the first half.

The company said its revenue increased 15.4% to $6.65 million, while ebitda for the half rose 50% to $541,000.

Margins stayed flat at 41%, while operating expenses grew 5.6% but were overbalanced by organic growth.

The company said the earnings growth had been aided by increasing take-up of value-added communication services such as SMS, audioconfererencing and mobile VoIP, as well as its cloud-based Virtual PBX telephony service.

Its mainstay VoIP and DSL businesses also experienced growth during the quarter, with naked DSL take-up remaining in line with forecasts.

MyNetFone said it planned to launch several new products this year, but did not provide further details, stating that announcements will be made when the arrangements are finalised.

The company has revealed it is on track for profitable growth in the second half of the year, but did not give a projected figure.

MNF shares fell 7.41% during Monday's trading to $0.250.