NetLink NBN Trust reported Monday its fiscal fourth quarter net profit attributable to unitholders rose 30.9 percent on-year to S$20.02 million, beating projections from its IPO prospectus.
Revenue for the quarter ended 31 March increased 8.9 percent on-year to S$87.86 million, mainly due to higher residential connections revenue and ducts and manholes service revenue, the trust said in a filing to SGX after the market close.
For the full fiscal year, net profit was S$77.36 million, up from S$49.95 million in the year earlier, while revenue increased 54.7 percent on-year to S$353.58 million, the trust said.
For the fiscal second half, the trust declared a distribution of 2.44 Singapore cents a unit, bringing the full-year distribution to 4.88 Singapore cents.
UOB KayHian had forecast net profit of S$73 million and full-year DPU of 4.88 Singapore cents.
The number of residential connections increased 11.3 percent on-year to 1.33 million, with non-residential and NBAP connections seeing stable growth, NetLink NBN said.
NetLink Group designs, builds, owns and operates the passive fiber network infrastructure for Singapore’s Next Gen National Broadband Network (NBN). It was listed on SGX in July 2017.
“Our financial performance and distributions to unitholders have exceeded IPO projections for the year, supported mainly by a strong increase in residential connections and diversion project income,” Tong Yew Heng, CEO of the trust’s manager, said in the statement.
“For the upcoming financial year, we expect revenues from key connection services to be higher than that of fiscal year 2019, driven by higher residential connections and installation-related revenues,” Tong added.
The NetLink Group is expanding its network in new housing estates, and it has been working to anticipate future demand for non-residential and NBAP connections, it said.
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