TPG adds 72000 subscribers, surpasses $400m profits

TPG adds 72000 subscribers, surpasses $400m profits”

In more good news for TPG, its revenue strengthened over the 2017 financial year, and lifted nearly 4 per cent on FY16 to $2.5 billion. Its net profit after tax was $413.8 million. These included an extra 3 weeks' contribution from the iiNet business compared to FY 2016, organic growth from NBN and FTTB subscriber growth, and the continued realisation of financial benefits from its iiNet integration activities.

Underlying EBITDA for 2017 increased 8% to $835 million, or $5 million above the top end of the $820 million to $830 million guidance range and the $831 million consensus.

The company reported that corporate data and internet revenue took a $4 million hit when the retail fibre to the building subscribers of a wholesale customer were acquired by the consumer segment near the end of the first half of the year.

The corporate segment brought in revenue of $743 million for FY17, up 2 percent from FY16's $726 million. The consumer segment generated $523 million in EBITDA.

The fixed-line headwinds come as the telco also reveals that it has made strong progress in the implementation of its mobile network rollouts in both Singapore and Australia - a relatively new development for the company, which has traditionally been focused on the fixed-line market.

"The board is confident that this course will prove in the long run to be the right decision for shareholders", executive chairman David Teoh said.

As a result, the company's final dividend has been reduced to 2 cents per share from 7.5 cents. It had said in March, when announcing its half-year earnings, that it is predicting to spend between S$200 million and S$300 million for the rollout of its mobile network here.

"In Australia, where the initial network implementation is concentrated on the country's most densely populated areas, the group has already entered into agreements with multiple partners to gain access to a large volume of sites to provide coverage of major metropolitan areas".

For its Australian mobile network, TPG said it planned to deploy dense "initial clusters" of small cells in Sydney, Melbourne and Canberra by mid-2018.

TPG has grown its group NBN subscriber base to 561,000 but continues to face downward pressure on its NBN margins, leading the telco to look to mobile for future revenue growth.

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