Australia’s largest mobile virtual network operator Amaysim lost $7.4 million last financial year thanks to increased competition and the acquisition of Click Energy.

Amaysim paid $120 million for the online power retailer back in 2017, but a non-cash impairment charge of $15.7 million relating to the retailer’s assets were responsible for bringing profits down more than 150% this year.

Total statutory net revenue of $508.3 million produced an EBITDA of $47.3 million.

Shares in Amaysim were down more than 15 per cent late in the trading day at 56 cents.

A “highly competitive environment” is being blamed for average revenue per user dropping 13.7 per cent to $25.30, but Amaysim’s new retailer supply agreement with carrier Optus has allowed the MVNO to offer new, more competitive plans as it seeks to attract recurring subscribers rather than pay-as-you-go customers.

More than 8,000 subscribers have signed up for one of Amaysim’s new plans since they went live in June.

The company is clawing its way back after a 4.8 per cent drop in subscriber numbers and now has more than 632,000 recurring mobile subscribers.

Telsyte reported earlier this year that Amaysim holds more than a third of the MVNO market.