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TPG revenue creeps up 1pc as Vodafone merger plan closes in

SYDNEY – TPG Telecom has reported revenue of $1.25 billion for its latest half-year, ended January 31 – up just one percent year-on-year.

 

The figures do not cover the announced merger with Vodafone Australia, which is set to go through after the ACCC lost a legal case which had sought to overturn the plan on the ground that it would reduce competition.

 

The figures reflect a major drop in TPG’s corporate division, down $1 million at $373 million. But its stronger consumer business jumped $20 million to $872 million for the same period. EBITDA – earnings before interest, taxes, depreciation, and amortisation – increased from $193 million to AU$407 million But TPG added that in “underlying terms”, EBITDA shrank six percent, dropping from $424 million to $399 million.

 

Net profit was said to have tripled, from $47 million to $144 million. But, again, in underlying terms, the profit sank 30pc from $225 million to $158 million.

 

Announcing the latest half-year results yesterday, TPG said its recently established Singapore business currently has more than 400,000 users on a free trial service. TPG plans to offer them a $1 GB prepaid plan.

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