iiNet edges closer to overtaking Optus

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iiNet edges closer to overtaking Optus

Posts big jump in broadband customers.

Internet service provider iiNet is closing the gap between itself and Australia's second largest broadband provider Optus after posting significant growth in both revenue and fixed-line subscribers in its first half.

iiNet today reported a one percent rise in net profit for its first half of fiscal 2015 to $32 million, and a jump of 25,000 broadband customers.

The increase in fixed-line users has pushed iiNet to a customer base of 975,000 - just 13,000 behind Optus' 988,000 broadband customers.

Most of the jump in subscriber numbers came from both fibre and the national broadband network - around 20,000 new fibre and NBN customers were added in the six month period.

iiNet reported a total of 1.9 million active services across fixed, mobile, and IPTV.

The growth propelled the ISP to record revenue of $537 million for the period ending December 31, an 11 percent increase on the first six months of fiscal 2014.

Net profit was dragged down by a $1.5 million loss in its Tech2 Group subsidiary following iiNet's acquisition of the group, as well as falls in fixed-line phone margins and the amount of calls being made by customers.

“The growth in business revenue over the past six months has been exciting, showing that we have been effective in extending our reach on the east coast, while still growing in WA," iiNet CEO David Buckingham said in a statement.

"The small business segment remains underserviced for its telecommunication needs and provides substantial growth opportunities for iiNet."

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