TPG Telecom swings to $461m full-year profit on network sharing improvement
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The news: TPG Telecom swung to a full-year net profit after tax of $461 million, from a net loss of $107 million in the prior corresponding period.
The numbers: Earnings before interest and tax rose 18.4% to $1.6 billion, while total revenue increased 3% to $5.04 billion year-on-year.
The company has declared a final ordinary dividend of 9 cents per share, taking total dividends for the year to 18 cents per share.
The context: TPG CEO Inaka Berroeta said the full-year results were driven by the launch of the group’s regional mobile network sharing agreement, which he described as a key catalyst for the improved performance.
He said the network sharing arrangement with Optus had doubled coverage to more than one million square kilometres and now reaches 98.5% of the Australian population.
TPG Telecom upgraded its FY earnings before tax and interest forecast to be between $1.66 billion and $1.73 billion.
The source: ASX
