SkyNetGlobal records second profit

Wireless access specialist SkyNetGlobal has reported its second consecutive profitable year with net profit up 1288 percent to $1.097 million.

SkyNetGlobal said its revenue for the 2003-04 financial year was up 133 percent to $10.2 million and its EBITDA of $1.6 million was up 158 percent from the previous financial year.

"We have achieved record growth in profits and delivered an increase of almost 4000 percent in shareholders' equity," said SkyNetGlobal CEO Jonathan Soon.

Shareholders equity increased to $7.9 million and earnings per share were up 775 percent 0.7 compared to 0.08 cents in the previous period.

"We are extremely pleased with our achievements during the year not only for our record financial results, but also for the successful execution of our strategic direction," Soon said.

SkyNetGlobal's home automation business W Home was key to the company's success this year.

"W Home is capturing market share at a very fast pace and we are confident the momentum generated during the year will position us to deliver superior returns in the year ahead," said Soon.

SkyNetGlobal services were now covering wireless access for over 10,000 residences in 60 buildings across Sydney, Melbourne and Brisbane. According to Soon the uptake had been up to 50 percent in some buildings.

Soon saw continued growth of  W Home as a main goal for SkyNetGlobal in the year ahead.

 "[It's a] long term sustainable and profitable business model," Soon said.