TPG Lifts Numbers, Profit As 112,000 NBN Users Sign On
Australia’s second biggest fixed-line Internet provider TPG has reported an 11 percent lift in profit for the half year ended January 3, with new NBN subscribers and subsidiary iiNet said to be major factors driving the new growth.
Post-tax profit for TPG during the period was $224 million. An earlier forecast by Credit Suisse had predicted profit of $193 million.
A decline in TPG’s fixed voice services and a steady result for its mobile offerings were counteracted by 112,000 new NBN subscribers to TPG and iiNet, as well as 24,000 new subscribers to TPG’s FttB (fibre-to-the-basement) network which links major city apartment and office buildings.
TPG and iiNet between them had around 1.91 million broadband subscribers at January 31, including 388,000 NBN connections and 1.42 million ADSL connections, the Sydney-based company says.
TPG shares closed at $6.98, up 36 cents, or 5.44 percent, on the ASX yesterday. Some 9.5 million shares changed hands on the day.