Aug 18, 2017 Last Updated 2:35 PM, Aug 17, 2017

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TPG Telecom announces 11% net profit rise

fibreopticsAusBNAusBN - TPG Telecom has posted strong interim financial results, including an 11% rise in net profit for the six months to January 2017.

Profits rose to AUS$224 million during this half-year period as well as an 8% rise in revenue to $1.24 billion.

Underlying profits also increased by 13% to $417 million, allowing the company to reaffirm its full-year underlying earnings guidance estimate of between $820-830 million.

The internet provider’s latest encouraging financial results were largely driven by the embedding of its iiNet operations, which was purchased in September 2015.

IiNet contributed to an earnings growth of $34.6 million over the financial period with a $141.7 million earnings result, aided by the absence of integration costs in this time.

TPG has recently expanded its operations into Singapore, rolling out its mobile network in the country and setting up a local office.

The company aims to spend up to $381 million in becoming the fourth mobile network operator in Singapore.

TPG is the second largest internet provider in Australia after the purchase of iiNet, behind telecoms giant Telstra. 

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