IiNet customer base grows for the first time since TPG buyout

Source TPG Telecom Half Year Results Presentation

Source TPG Telecom Half Year Results Presentation

Overall, the company reported underlying net profit after tax of $207.5 million - up 28 per cent on the prior comparative period.

IiNet's mobile subscriber base continued to slowly decline, reaching 165,000 in the financial period, down from 176,000 past year. FTTB and NBN subscriber growth helped drive 8 per cent EBITDA growth for TPG's consumer division during the half.

Some of the highlights are the telco's EBITDA rose 8% to $473.4 million, its NPAT was up 11% to $224 million, and its EPS lifted 8% to 26.4 cps.

iiNet's mini-revival also allowed the TPG-owned telco to grow its earnings by from $111.1 million to $141.7 million for the half year ending 31 January 2017.

In total, as of the end of January, the company had 1.91 million broadband subscribers: 921,000 TPG customers and 990,000 iiNet customers (iiNet in the second half of FY16 had registered a dip in broadband subscribers from 989,000 in the first half to 983,000).

TPG said that iiNet's growing broadband business "more than offset the adverse impact of the continued decline of legacy fixed voice".

The period also saw TPG successfully bid at the new Entrant Spectrum Auction in Singapore, and in the three months since the auction has made a "strong start" to its mobile network rollout, the company said.

The directors of TPG reaffirmed their previous guidance that the company's underlying EBITDA for the full year should be between $820-830 million.

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