Vita (ASX:VTG) posts 42% profit gain in FY10

Vita (ASX:VTG) posts 42% profit gain in FY10

Mobile phone and product retailer Vita Group (ASX:VTG) has posted a 42% increase in FY10 post-tax profit on lower expenses and retroactive commission payments from Telstra.

While revenue was down 2% to $291.7 million, margins improved slightly to 35.4% and profit grew to $7.7 million.

The company said it had received payment for historic commissions from Telstra as part of a new Master Licensee agreement with the operator.

But Vita declined to pay a dividend for the year, citing its commitment to debt reduction and the scope of its new store rollout.

VTG shares are today trading 3.3% higher at $0.310.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Telstramobile phonesfinancial resultsASX:TLSVitaASX:VTG

More about Telstra Corporation

Show Comments