Friday, 06 March 2020 08:15

TPG unveils better than expected result for 1H2020

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TPG unveils better than expected result for 1H2020 Image by mohamed Hassan from Pixabay

TPG Telecom has recorded a net profit after tax of $143.6 million for the first half of its current financial year — which ended on 31 January — mostly due to the changes in wholesale pricing of plans by the NBN Co, the company rolling out Australia's broadband network.

The company said it was upgrading guidance for its full-year earnings by $35 million, in what will be its last results as an individual company, as the merger with Vodafone is set to be concluded by mid-year.

Full-year earnings are expected to range from $775 million to $785 million, compared to the earlier forecast of $735 million to $750 million.

TPG said the impact from customers moving to the NBN was $55 million for the half, $7 million less than what it expected.

Chief financial officer Stephen Banfield said combined NBN headwinds of $55 million were half of the $110 million anticipated in the FY20 full-year guidance.

"However, the headwinds for the first half were approximately $7 million less than we had forecast for the first half, predominantly due to NBN Co finally introducing some wholesale pricing relief for NBN12 services in October 2019," he added.

Banfield said preparations for the commercial launch of mobile services in Singapore on the new mobile network were going well.

"Over 400,000 users have to-date been onboarded to the free trial service. Paid services are expected to be launched in the coming weeks," he said.

The network had excellent outdoor and indoor coverage (outdoor coverage most recently measured at 99.89% in January 2020) and progress had continued to be made in covering tunnels and the MRT (mass rapid transport) system, Banfield said.

"In February 2020, the company also submitted an application with the IMDA (Infocomm Media Development Authority) for a national 5G licence. The company’s network has been designed to be very quickly and simply upgradable to 5G."


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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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