Friday, 09 November 2018 05:29

Optus half-year profits fall by a fifth due to NBN migration charges Featured

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Optus half-year profits fall by a fifth due to NBN migration charges Pixabay

Optus has seen a 20% fall in profits year-on-year for the first half of its 2018 fiscal year, with Australia's second biggest telco reporting $259 million in net profit for the period against $325 million for the first half a year ago.

The telco blamed the drop in profit on lower NBN migration payments and workforce restructuring charges.

For the second quarter, Optus' net profit showed an even bigger fall, going down from $165 million to $105 million, a drop of 36.6%.

The company said its operating revenue increased by 6% to $4.3 billion for the half, with investment in its network and exclusive entertainment content delivering more mobile subscribers.

During the second quarter, post-paid mobile subscribers and mobile broadband customers grew by 93,500 and 26,000 respectively.

optus halfyear results

But pre-paid handset customers fell by 120,000 due to seasonality and the level of competition.

Optus chief executive Allen Lew said: “Optus continues to achieve profitable customer growth in the quarter and attract customers by leveraging our premium national network.

"After successfully concluding live 5G trials in Sydney we are on track to commercially launch fixed wireless access services in January 2019.

“Customer experience remains our top priority and we are focused on removing customer pain-points across the entire business."

Chart: courtesy Optus

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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