Macquarie Telecom Group Ltd has forecast an improvement in full year earnings after posting a significant rise in first half net profit.
The telecommunications provider for business and government clients reported a net profit of $12.3 million for the six months to December 31, up from $3.1 million in the previous corresponding period.
The result was significantly boosted by the sale of Macquarie Singapore for $9.4 million.
First half net profit from continuing operations was $4.8 million, up 67.5 per cent on the previous corresponding period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half was up 18.8 per cent on the previous corresponding period to $13.7 million.
Chief executive David Tudehope forecast full year EBITDA from continuing operations to be between $26 million and $28 million, up from $25 million in 2008/09.
"Despite some of the fluctuations of a recovering economy, Macquarie Telecom enters the second half of 2010 in healthy shape and is well positioned to deliver strong 2010 full year results," he said.
Macquarie Telecom's hosting business posted EBITDA of $6.2 million in the period to December, up 37.4 per cent on the previous corresponding period.
The group's telco business, which delivers data, voice and mobile, delivered EBITDA of $10.6 million, up 3.3 per cent on the previous corresponding period.
Macquarie Telecom shares were steady at $5.45 this morning.
AAP
