TPG Telecom FY profit falls 56%

Company News

by Rachael Jones

TPG Telecom (ASX:TPM) has today announced its results for its financial year ended 31 July 2019 showing net profit down 56.1 per cent to $173.8 million.

The results are heavily impacted by the Group’s decision to scrap rollout of its Australian mobile network in January 2019.

This resulted in an impairment expense of $236.8 million and a significant increase in amortisation and interest expense relating to the Group’s Australian spectrum licences.

Revenue down 0.7 per cent to $2.48 billion.

The Federal Court this month will hear an appeal by TPG and Vodafone against the competition watchdog's decision to block the $15 billion merger.

Shares in TPG Telecom (ASX:TPM) are trading 1.13 per cent higher at $6.28.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.