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M2 Telecommunications Group Ltd (ASX:MTU) has boosted its full 2011 financial year net profit after tax guidance by 20 per cent to $27.3 million.
In the year to 30 June earnings before interest tax, depreciation and amortisation is also expected to rise by 18 per cent to $49.3 million.
M2 says the upgrade is underpinned by forecast improvements in the company’s second half wholesale purchasing agreements.
Revenue and earnings from its recently completed acquisitions of the business assets of Clear Telecoms and the mobile assets of AUSTAR have also contributed to the stronger outlook.
The upgrade comes only one week after M2 announced a record first half result.
In the six months to 31 December 2010, M2 reported a 40 per cent rise in interim net profit to $11.5 million.
