Internet provider and emerging Telco, TPG Telecom lifted interim profit by more than 400%, thanks to full benefits of the merger with SP Telecom.
The company told the ASX yesterday that net profit for the six months to January 31 was $27.5 million, up sharply from the $5.1 million at the same time last year.
"These results represent a 34% increase on the EBITDA of $57.5m achieved in the corresponding period last year and a 443% increase on the $5.1m NPAT achieved for the same period," the company said.
TPG said broadband subscriber numbers had grown strongly, with net additions of 54,000 in the six month period, 48,000 of whom were on-net.
TPG said it had 460,000 subscribers as at March 20.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the period were $77.1 million, up 34% on the previous corresponding period.
"The directors are pleased to today upgrade TPG’s FY10 EBITDA guidance from $140-150m to $152-$158m," directors said in the report.
"Revised guidance for the newly merged group that includes Pipe’s contribution from date of acquisition and incorporates the impact of acquisition accounting and the new financing arrangements will be considered and advised in due course."
Earnings per share for the six months were 3.8c up from 0.7c for the corresponding period in fiscal 2009.
TPG paid an interim dividend of two cents per share, fully franked, up from one cent.
The shares ended 6.1%, or 13c higher at $2.25.
