After an acquisition-heavy year, Perth-based internet service provider EFTel Ltd has announced an EBITDA of $3.1 million.
The company has registered a a 56 per cent fall in net profit to $1.1 million for the year ended June 30, 2006 on the introduction of AIFRS.
The full text of an announcement from the company is pasted below
CEO Simon Ehrenfeld said today that the results reflect a steady course for EFTel that is based on customer focus and an avoidance of risky infrastructure and diversification plays.
"When we posted our results last year we indicated that balance sheet strength was a priority for us and we have delivered on this key commitment. One year ago we reported that our net asset position had jumped 50% to $11.0m. This year there is a further 30% increase to $14.3m."
"Our financial ratios are substantially stronger than those enjoyed by most of our industry counterparts. Our strategy to focus on this has proven fruitful, with our announcement earlier this year that we are partnering with Westpac to expand our acquisitions programme".
"Since the end of the reporting period, EFTel have announced a number of acquisitions including aaNet, the company's largest ever broadband purchase. The total number of active accounts on our network is at a record high 140,000. This means that EFTel is currently on track for strong revenue growth in the 2006-07 year," he said.
