Tuas shares slip despite maiden interim profit
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More news: Shares in Tuas are down 2.4% to $6.12 despite the TPG Telecom spin-off swinging to its maiden first-half profit of S$3.02 million ($3.60 million).
The company said its subscriber base in Singapore continued to grow, although gains were modest with numbers in its primary mobile business rising to 1.16 million by January-end from $1.05 in July 2024. It also lifted broadband subscriber numbers to 14,000 from 10,000 previously.
TPG Telecom spin-off Tuas swings to $3.6m interim profit
The news: TPG Telecom spin-off Tuas has swung to its maiden first-half profit, improving from a full-year loss, on the back of a growing subscriber base in Singapore.
The numbers: It posted a net profit of S$3.02 million ($3.60 million) for the six months to 31 January, compared to a S$3.5 million net loss a year ago. Revenue for the first half jumped 34% to S$73.16 million, while earnings per share improved to 65 Singapore cents. It will not pay any interim dividend.
The context: The ASX-listed Tuas, which was spun out of TPG after it merged with Vodafone Hutchison Australia in 2020, operates the Simba Telecom network in Singapore.
The company said subscriber numbers in its primary mobile business rose to 1.16 million by January-end from $1.05 in July 2024, with growth in every month through the period. It also had more than 14,000 active subscribers for its broadband service.
The company is targeting more broad-based mobile subscriber growth and has maintained its capital expenditure plans of S$50-S$55 million for the current fiscal year. Tuas said it is on track to achieve full-year profitability.
The source: ASX
