Telecommunications services provider PIPE Networks Ltd
(ASX:PWK) has upgraded its earnings guidance for the 2010 financial year.
The company now expects to report net profit after tax in fiscal 2010 of between $23 and $25 million compared to previous guidance for profit of between $20.5 million and $21.5 million.
PIPE Networks recorded net profit of $10.5 million in fiscal 2009.
Revenue is expected to bet between $94 million and $98 million versus previous forecasts of between $92 million and $96 million.
PIPE recorded revenue of $50.4 million in fiscal 2009.
The company says this earnings upgrade follows the launch of the company’s PPC-1 Submarine cable system earlier this month, and stronger than expected growth in both its domestic and international businesses.
PIPE Networks profits have been increasing year on year for the past four years.
