Mixed Bag For NBN: Users And Revenue Double, Losses Rise
NBN states that it met its targets for the full year, as it makes the transition to the multi-technology rollout model, with the number of serviceable premises also doubling to 1.2 million, while telecommunications revenue of $161 million was up from last year’s $60 million.
NBN, however, recorded a net loss after tax of $2 billion for the year, compared to last year’s loss of $1.64 billion.
NBN stated an increase in capital expenditure to $3.3 billion, up from 2014’s $2.5 billion, is line with the expansion of the rollout.
NBN’s figures reveal it has received $13.2 billion in equity funding thus far, with the government’s equity contributions capped at $29.5 billion.
Tracking its progress to the multi-technology model, NBN noted that over the past 12 months all conditions precedent to the revised Definitive Agreements between NBN and Telstra have been satisfied or waived, with the Australian Competition and Consumer Commission also delivering a draft decision approving its plans to integrate parts of Optus’ HFC cable network and to progressively migrate its HFC customers onto the NBN network.
NBN has also carried out the commercial launch of its fibre-to-the-building product, and completed construction for its first 200,000 fibre-to-the-node premises, which it states will be activated progressively from the current quarter onwards.
“NBN has not only met its targets, it
has exceeded them,” NBN CEO Bill Morrow commented. “The achievements of
the past 12 months – including the recent regulatory approval of the
Telstra agreement and the draft approval of the Optus deal – give us
confidence that we can continue to accelerate the build.
NBN is targeting around 2,600,000 premises ready for service, 955,000 active premises and $300 million in total revenue for the 2016 financial year.