Amcom records $17.2m FY10 profit

Perth-based Amcom Telecommunications has recorded a net profit after tax of $17.2 million for the 2010 financial year.

The reported profit is an increase of 42 per cent over 2009.

In a statement Amcom said the net profit after tax from its 100 per cent owned operations excluding equity earnings of associates and once off items is expected to be $10.5 million.

This is also an increase of 33 per cent over 2009.

"This result is well ahead of previous guidance which was for an increase of at least 20 per cent to $9.5 million," the statement said.

See full company statement below:

Amcom Telecommunications Limited (ASX:AMM) wishes to advise that based upon unaudited management accounts and iiNet Ltd's (ASX: IIN) earnings expectation announced on 30 July 2010, Amcom expects a reported net profit after tax of $17.2m for the year ended 30 June 2010. The reported net profit after tax is an increase of 42% over 2009.

Similarly, the net profit after tax from 100% owned operations excluding equity accounted earnings of associates and once off items is expected to be $10.5m or an increase of 33% over 2009. This result is well ahead of previous guidance which was for an increase of at least 20% to $9.5m.