Reuters reports that Facebook’s revenue for the first half of 2011 hit $1.6bn, with its Net income falling just short of $500 million.

Reuters’ source chose to remain anonymous, given that Facebook is still a private company and doesn’t publicly disclose its financial details.

Last December, it was reported that Facebook was on track for $2bn revenue in 2011, and if this latest report proves accurate, then it’s on course to more than meet that figure.

Facebook has previously been non-committal on its future IPO plans, but it has been rumored to be happening some time in 2012, which could see its valuation exceed the $100bn mark.

According to the Reuters’ report, Facebook’s first-half revenue roughly doubled-up on the same period the year before, and these results would line up the social network pretty well if it was to go public in 2012.

Facebook has more than 750m registered users around the world, and it’s still growing significantly in markets where it traditionally played second or third fiddle to other social networks, for example in Brazil and India. And with Google launching its very own social network, Google+, back in June, Facebook will be looking to keep its foot on the accelerator.

Earlier this year, Reuters also reported that Facebook had generated $1.2bn in revenue in the first nine months of 2010, according to a document that was distributed by Goldman Sachs with a view towards courting potential investors in Facebook. Goldman Sachs itself invested $450m in the social network back in January, and placed a value of $50m on the company.