IiNet customer base grows for the first time since TPG buyout

IiNet customer base grows for the first time since TPG buyout

This gave TPG an underlying net profit of $207.5 million, a 28 per cent increase on the $162 million underlying profit in the first half of 2015-16.

TPG and its subsidiary iiNet added 112,000 NBN customers in the first half of FY17, the telco reported today.

Reported EBITDA was $473.4 million (up 8 per cent) and NPAT was $224 million (up 11 per cent).

"These growth drivers more than offset the adverse impact of the continued decline of legacy fixed voice business, and a lower contribution from Tech2", the company told shareholders. TPG's broadband subscriber base grew by 36,000 to reach 921,000.

TPG also had 24,000 customers with services on its own fibre to the basement (FTTB) infrastructure as of the end of January, the company said.

TPG's consumer business revenue was up seven percent to $356 million, which was mainly due to $321.4 million in revenue from broadband.

The period also saw TPG successfully bid at the new Entrant Spectrum Auction in Singapore, and in the three months since the auction has made a "strong start" to its mobile network rollout, the company said.

Management reaffirmed guidance of earnings between $820 million and $830 million for the full year.

TPG shares were up 5% to $6.96 following the announcement.