Tuas shares lift on Q1 profitability
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More news: Shares in Tuas Ltd are up nearly 6% to $6 each in early trading on the ASX after the TPG Telecom-spin reported a first quarter profit, improving from its full-year loss.
Tuas, which operates the Simba Telecom network in Singapore, said subscriber numbers in its primary mobile business rose to 1.11 million by October-end and it also had more than 10,000 active subscribers for its broadband service at November-end.
Tuas turns in first quarter profit
The news: TPG Telecom-spin off Tuas has reported a first quarter profit, improving from its full-year loss on the back of a growing subscriber base in Singapore.
The numbers: The company said revenue for the first quarter to 31 October was S$35.5 million ($41.1 million), while earnings came in at S$16.1 million. It confirmed a first quarter net profit after tax but did not disclose the number.
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 saw sustained growth in its primary mobile business, with subscriber numbers rising to 1.11 million by October-end. It also has more than 10,000 active subscribers for its broadband service at November-end.
Tuas has maintained its capital expenditure plans of S$45 to S$55 million for the current fiscal year and said it will focus on continued mobile growth supported by product uplifts and network quality upgrades, and build on growth in fibre broadband services.
The source: ASX announcement
