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.

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