What: The share price of mobile services provider Amaysim Australia Ltd (ASX: AYS) has been smashed this morning with the stock tumbling 30% to $1.72 by midday on Friday after the group reported interim profit results which appear to have shocked investors.

Amaysim operates as a reseller of mobile telecommunication products and competes against Telstra Corporation Ltd (ASX: TLS) and TPG Telecom Ltd (ASX: TPM) amongst many others.

So What: Amaysim only listed on the ASX in July last year so today’s results represent the first six-month period as a listed company. The group has provided pro forma results for the prior half for comparison.

On that pro forma basis, revenues grew 18% to $17 million, earnings before interest, tax, depreciation and amortisation (EBITDA) increased 174% to $12.6 million, net profit after tax (but before amortisation of acquired intangibles) leapt 248% to $8 million and underlying earnings per share jumped 229% to 4.6 cents per share.

The balance sheet held net cash at December 31 of $23.9 million.

Amaysim also reported that average revenue per subscriber (ARPU) increased 4.6% to $26.34, the number of subscribers grew 12.5% to 764,000, and the gross margin expanded to 30.4%.

Now What: Amaysim has announced a maiden unfranked interim dividend of 3 cents per share and also reaffirmed its prospectus pro forma forecast for EBITDA of $31.7 million.

With the share price now trading below its initial public offer (IPO) price of $1.80, this could potentially be a good time for investors to take a closer look at this stock.

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.