iiNet Ltd has announced a $60 million net loss for the 2005-06 financial year, down from the previous period's $10.4 million profit, in what was a difficult year for the company.
In what could be the first sign of recovery for a beleagured iiNet, the company has surpassed its 100,000 customer target for its ADSL2+ broadband infrastructure, set for June 2006.
Michael Malone has emerged from a month-long trading halt still in charge of Australia's third-ranked ISP. But in many ways it's a substantially changed business.
Australia's third largest Internet Service Provider, Perth-based iiNet Ltd, has announced a $15 million investment in its next generation ADSL2+ network, which will increase coverage to 90 per cent of metropolitan Australia.
His role as an WA tech leader was well-known when Michael Malone was last night crowned 40under40 1st Amongst Equals, but when he graduated from university in the early 1990s few knew anything about the internet.
Shares in Perth-based ISP jumped almost 9 per cent today following yesterday's announcement that the Federal Government would not relax regulation of Telstra's network.
iiNet Ltd CEO and founder Michael Malone has welcomed a federal government decision to not provide a "regulatory holiday" for Telstra's proposed fibre network.
