Tuesday, 19 March 2019 09:21

TPG profit smashed by mobile network cancellation Featured

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TPG profit smashed by mobile network cancellation Image by Gerd Altmann from Pixabay

Telecommunications provider TPG Telecom has announced a reported net profit after tax of $46.9 million for the first half of its 2019 fiscal year, which ended on 31 January, a drop of 76.4% from $198.6 million, year on year.

The fall was due to the company having to write off a total of $227.4 million due to the cancellation of its mobile network rollout.

Announced in January, TPG blamed the cancellation of its plans on a government ban on using gear from Chinese telecommunications equipment vendor Huawei Technologies for 5G networks in Australia.

Total revenue for 1H19 came in at $1.24 billion, a fall of $1.5% compared to the $1.25 billion in 1H18.
Earnings before interest, tax, depreciation and amortisation came in at $420 million, compared to $413 million for the corresponding period a year prior.

The 1H19 results also included a $4.4 million one-off transaction cost due to its planned merger with Vodafone Hutchison Australia, announced in August last year.

In December, the Australian Competition and Consumer Commission expressed some reservations about the merger, saying it would lessen competition in the mobile sector.

TPG said it expected the ACCC decision in relation to the application for informal clearance of the merger to be made in May.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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