Growth in broadband has pushed billionaire David Teoh’s TPG Telecom to a 11% rise in half-year net profit after tax to $224 million.
The half-year result, which beat market expectations, was on an 8% rise in revenue to $1.24 billion.
A short time ago, TPG shares were up 5.9% to $7.01. The shares have been falling since September on weaker guidance.
TPG is now the second largest fixed line internet provider in Australia following the $1.56 billion takeover of iiNet.
The latest results show broadband revenue at $326.8 million for iiNet and $118.6 million for TPG for the six months.
Broadband subscribers have reached 1.91 million, as this chart shows:
The telco declared an interim fully franked dividend of 8 cents a share, a 14% increase.
The company reaffirmed its guidance for full year underlying EBITDA (earnings before interest, tax, depreciation and amortisation) in the range of $820 million-$830 million.