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TPG Reports 11% Profit Growth

TPG has reported a 11% lift in profit for the half year ending January 31, with new NBN subscribers and subsidiary iiNet driving growth.

Post-tax profit for TPG during the period was $224.0 million, with earnings also increasing by 8% to $473.4 million. An earlier forecast by Credit Suisse had predicted profit of $193 million and earnings of $411 million.

A decline in TPG’s fixed voice services and a steady result for its mobile offering were counteracted by 112,000 new NBN subscribers to TPG and iiNet, as well as 24,000 new subscribers to TPG’s own FTTB network.

Combined, TPG and iiNet have 1.91 million broadband subscribers as of January 31, including 388,000 NBN connections and 1.42 million ADSL connections.

TPG shares were up 5% to $6.96 following the announcement.

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