MyNetFone forecasts slight FY11 profit growth

VoIP and broadband services provider MyNetFone (ASX:MNF) is forecasting a slight increase in FY11 operating profit to $1.1 million.

In a market update, the company said the growth, which compares to an operating profit of $1.01 million in FY10, is in line with expectations.

But it pales in comparison to recent results. For the first half, the company reported a 56.8% increase in profit, while for FY10 profit was up more than 1,000%.

In the update, MyNetFone said all areas of the business, in particular the SME sector, were performing satisfactorily.

The company launched an app for the iPhone, Android and Symbian phones providing mobile VoIP services last year, and in February announced that its SIP trunking service had received certification from Microsoft to interwork with Microsoft Lync Server 2010.

MyNetFone paid out a 0.5 cents per share interim dividend in March.

MNF shares grew 2.94% in Tuesday's trading to $0.175.