Junior telco SP Telemedia Ltd
(ASX:SOT) has reported a 194 per cent increase in net profit for the year to July 31.
Net profit for 12 months came to $17.7 million, up from a net loss of $18.9 million in the previous year.
The company which trades under the names of TPG and Soul had previously forecast net profit of $16 million.
Revenue came to $481 million up from $446 million recorded in the same period a year ago.
The company says continued growth of the business has been underpinned by broadband subscribers.
The group’s strong profit growth is forecast to continue and the directors have forecast revenue of $460 million, earnings before interest, tax, depreciation and amortisation of $130 million, and earnings before interest and tax of $71 million.
SP Telemedia declared a final dividend of one cent a share. SP Telemedia posted a loss in 2008 after profits the four years previous.
