TPG reported net profit dives due mobile network pullout

Company News

by Anna Napoli

TPG Telecom (ASX:TPM) has today announced its results for the half-year ended 31 January 2019 with reported net profit falling 76 per cent to $46.9 million.

Net profit was affected by the Group’s decision to cease the rollout of its Australian mobile network resulting in an impairment expense of $227.4 million.

Excluding irregular items, underlying net profit (NPAT) increased by 3.5 per cent to $225.2 million.

Revenue for the period was 1.5 per cent lower at $1.24 billion against $1.25 billion.

The Board of Directors has declared a steady interim dividend of 2.0 cents per share (fully franked), payable on 21 May 2019.

Shares in TPG Telecom (ASX:TPM) closed flat at $6.84 yesterday.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.