My Net Fone hunts for new purchases

Upstart telecoms provider My Net Fone is on the hunt for further acquisitions following its purchases of Connexus and the wholesale assets of GoTalk.

According to the company’s filing with the Australian Securities Exchange accompanying its half year results, the company is looking for purchases with a low earnings multiples and a high synergy potential for the group. 

In its filing, My Net Fone reported strong half-year results for the year ending December 2012, with profit up 60.9 percent to $1.5 million and earnings up 70.5 percent to $1.99 million.

My Net Fone said previous acquisitions had been successfully integrated into the overall company structure, however it is yet to book any revenue or profit streams from the deals.

The company issued a first half fully franked dividend of 1.5 cents, up 87.5 percent on the previous half year.

My Net Fone chief executive Rene Sugo was unavailable for comment.