TPG Telecom has posted strong full year FY2021 financials for its first post-merger result, thanks to an increase in market share for fixed-line NBN and strong enterprise sales.
In the 12 months ended 31 December 2020, TPG reported net profit after tax of $734 million, revenue of $4.35 billion and EBITDA of $1.39 billion.
All metrics represented sizable increases from the previous year as the FY2019 full year results only accounted for Vodafone’s full year financials and just six months of TPG’s financials at the time.
Contributing to the revenue included a 6 percent increase in its fixed broadband customer base with 117,000 new subscribers during the period, as well as selling the most NBN Enterprise Ethernet in Australia.
TPG estimates $90M hit from COVID, NBN and regulatory headwinds
TPG estimates $90M hit from COVID, NBN and regulatory headwinds
First results posted since VHA merger.
Iñaki Berroeta (TPG Telecom) Credit: TPG
TPG Telecom has estimated the financial impact from COVID-19 at $90 million to its reported earnings before tax, in addition to NBN and regulatory headwinds, in its full financial year results ending 31 December.
Despite this, the telco remained particularly optimistic that its earnings before tax (EBITDA) and net profit were ‘resilient’ in a year full of challenges.
The telco revealed revenue increased 24 per cent to $4.35 billion and reported EBITDA increased 18 per cent to $1.39 billion.
Image: Getty
To sign up for our daily newsletter covering the latest news, features and reviews, head HERE. For a running feed of all our stories, follow us on Twitter HERE. Or you can bookmark the Gizmodo Australia homepage to visit whenever you need a news fix.
Earlier this year the Australian government finalised its amendments to the upcoming Telecommunications (Regional Broadband Scheme) Charge Bill 2019. It ensures that regional Australians will have access to ‘essential broadband services’. To pay for this a ‘broadband tax’ will be introduced from January 1, but details on who will actually be paying this are still unclear.