TPG net profits jumps 46 per cent
- 18 September, 2012 09:05
TPG has recorded a bumper financial year, with net profit after tax increasing 46 per cent to $114.2 million.
Revenue at the company increased 15 per cent from $574.5 million to $663.1 million for the 12 months ending 31 July, 2012.
The company’s broadband subscriber base grew 47,000 for the FY12. However, while the growth was driven by a 114,000 increase in customers on its ADSL2+ bundle plans, it lost 52,000 on-net customers and 15,000 off-net customers.
The ISP now has 595,000 broadband customers on its books and 255,000 mobile customers.
Cashflow from operations of $277.2 million, an increase from $215.2 million, allowed TPG to pay back $85 million in debt, acquire cloud business IntraPower for around $12.8 million, purchase 7.7 million shares in iiNet and pay shareholders a dividend.
However, while the company has recorded strong financial results, it made headlines this year when it was fined $2 million for misleading advertising.
It was not the first time the ISP had been in the spotlight for misleading advertising, with the company found to be misleading customers in November 2011 for advertising ‘unlimited’ plans which failed to disclose $29.99 plans required a $30 line rental from TPG as part of the plan.
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