Jump in first-half profits for iiNet; Fairfax first-half profits increase 48.5%; Adult average weekly earnings on the rise: Midday Roundup

Perth-based internet service provider iiNet has posted a 19% jump in its first-half underlying profits to $31 million, with the company signalling fewer acquisitions in its immediate future.

Its revenue also increased, rising 4% to $493 million and iiNet’s underlying earnings per share was up 30% to 19.5 cents.

In a statement, iiNet acting chief executive David Buckingham said having made a number of acquisitions over the past five years it will now focus on organic growth and maximising operational performance.

“We know that our focus on delivering the very best products and service to our customers is the right strategy,” he says.

“We continue to build on iiNet’s position as the second largest provider of DSL broadband and the leading challenger brand in the Australian telecommunications market.”

Fairfax first-half profits increase 48.5%

Fairfax Media has reported a 48.5% increase in underlying net profits to $86.4 million for the half year, with the business signalling its confident it will be protected from a “bleak future”.

The company’s underlying earnings before interest, tax, depreciation and amortisation for continuing businesses was also up, increasing 2.3% on the last year to $178 million.

Fairfax chief executive Greg Hywood said in a statement the company had shown determination to transform the business through cost reductions and new revenue streams.

“It is these strategies which underpin a half-year result that’s starkly at odds with the conventional wisdom that traditional media faces a bleak future simply because reductions in print advertising cannot be immediately offset by increases in digital revenue,” he says.

“Our Fairfax of the Future cost savings program continues to develop against its objectives and targets, finishing the half with annualised run rate savings of $260 million.”

Adult average weekly earnings on the rise

In November 2013 Australian adults working full-time were on average making $1437.00 per week in ordinary time earnings, a jump of 2.9% in the previous 12 months.

According to Australian Bureau of Statistics figures, in ordinary terms males working full-time were earning on average $261.60 more than females. 

While employees of the mining sector earned significantly more than any other sector, bringing in $2469.60 per week.

The lowest paid industries were the retail, accommodation and food services industry, where full-time employees made on average less than $1100 a week.

Shares up on open

Aussies shares have opened higher, despite losses on Wall Street overnight.

The S&P/ASX200 benchmark was up 16 points to 5424.2 at 11:56am AEDT. Overnight the Dow Jones closed 89.84 points down, 0.56% lower at 16,040.56.