TPG profit soars

Telco reports 90 per cent increase in net profit after tax for first half

TPG has recorded a 90 per cent increase in net profit after tax for the first half of FY16 compared to 1H15.

The telco reported NPAT of $202.5 million for the six months to 31 January, and earnings before interest, tax, depreciation and amortisation (EBITDA) of $437.3 million (up 85 per cent compared to the first half of FY15).

The half’s results included a number of one-off items, including a $73.1 million gain on TPG’s previously held interest in iiNet and $10.3 million in fees relating to the acquisition of the ISP.

The half also included the first contribution from iiNet, with the TPG subsidiary contributing EBITDA of $107.1 million for the five and a quarter months after acquisition ($111.1 million less $4 million in restructuring costs relating to the acquisition).

After last year’s buyout of iiNet, TPG had 1.84 million broadband subscribers as of the end of January. That figure included 989,000 iiNet customers and 853,000 TPG customers.

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