Home Telecoms & NBN NBN Co losses for year mount to $3.3b as users rise to 3.7m

NBN Co losses for year mount to $3.3b as users rise to 3.7m

NBN Co losses for year mount to $3.3b as users rise to 3.7m Featured

NBN Co, the company rolling out Australia's national broadband network, has recorded a loss of $3.3 billion in the nine months to March 2018, the third quarter of the current financial year. This compares to a loss of $2.7 billion for the nine months of the previous financial year.

During the third quarter of 2018, the company recorded losses of $937 million, compared to a loss of $1.04 billion in the corresponding quarter a year ago.

But the company's presentation of the results, by chief executive Bill Morrow (seen above) and chief financial officer Stephen Rue, made no mention of the red ink on the balance sheet.

Instead the pair focused on the metrics that had an upside:

  • the rise of revenue for the quarter to $1.4 billion ($665 million in Q3 2017);
  • active premises of 3.7 million, a rise of 85% from March 2017;
  • average revenue per user which rose by a dollar to $44 from March 2017;
  • premises ready for service which was 7.5 million, up from 4.6 million in March 2017 (62% up);
  • premises ready to connect (6.49 million, up 44% from March 2017); and
  • cash funding which rose by 30% to $33.2 billion.

“These results demonstrate the progress we’re making on our top three priorities, which are to complete the build by 2020, improve the end user experience, and deliver a modest return on the tax payer’s investment," said Morrow.

nbn results third

“We’ve shown stable performance against our long-term goals on the build side and significant improvements on customer experience.

“Our monthly progress report demonstrates that our customer experience program is working, and we know there’s more to do to get this right. The NBN Co team, delivery partners and RSPs are working quickly to make improvements across the industry for a better experience for all.”

Morrow has quit the company and is due to make his exit by the end of the year.

Update: An NBN Co spokesperson claimed Rue had mentioned the company's losses during the presentation.

He was quoted as saying: "We have again provided a summary of our financial statement for the nine-month end of 31 March 2018. And again, I would like to highlight the adjusted EBITDA metric, which excludes subscriber cost. These losses continue to reduce with a loss for the nine months of $138 million and a loss for the three months to 31 March of $7 million."

Graphic: courtesy NBN Co


Australia is a cyber espionage hot spot.

As we automate, script and move to the cloud, more and more businesses are reliant on infrastructure that has the high potential to be exposed to risk.

It only takes one awry email to expose an accounts’ payable process, and for cyber attackers to cost a business thousands of dollars.

In the free white paper ‘6 Steps to Improve your Business Cyber Security’ you’ll learn some simple steps you should be taking to prevent devastating and malicious cyber attacks from destroying your business.

Cyber security can no longer be ignored, in this white paper you’ll learn:

· How does business security get breached?
· What can it cost to get it wrong?
· 6 actionable tips



Ransomware is a type of malware that blocks access to your files and systems until you pay a ransom.

The first example of ransomware happened on September 5, 2013, when Cryptolocker was unleashed.

It quickly affected many systems with hackers requiring users to pay money for the decryption keys.

Find out how one company used backup and cloud storage software to protect their company’s PCs and recovered all of their systems after a ransomware strike.


Sam Varghese

website statistics

A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.


Popular News