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TPG smashes its profit results after the iiNet takeover

Frank Herbst sets a world record by crushing the most drink cans in one minute. Christian Augustin/Getty Images

TPG Telecom, reporting its first half year since the $1.56 billion takeover of iiNet, has increased profit by 90% to $202.5 million.

The result for the six months to the end of January was achieved on revenue of $1.153 billion, up 84%.

A short time ago, its shares were up almost 6% to $10.96.

iiNet contributed EBITDA (earnings before interest, taxes, depreciation and amortisation) of $107.1 million for the five and a quarter months post acquisition. iiNet reported $97 million underlying earnings for the same half in 2015.

iiNet had 989,000 broadband subscribers at the end of January with 34,000 NBN growth.

TPG Telecom, Australia’s second largest fixed line internet provider, now has about 1.7 million customers and revenue of $2.3 billion with the addition of iiNet.

The company declared a 27% increase in the interim dividend to 7 cents a share.

Here’s how iiNet has increased earnings at TPG:

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