NetLink NBN Trust reported Monday its fiscal first quarter net profit rose 10 percent on-year to S$20.93 million amid higher residential connections.
Revenue for the quarter ended 30 June increased 6.9 percent on-year to S$92.04 million, mainly on higher residential connections and installation-related revenue, the trust said in a filing to SGX. That was partly offset by lower ducts and manholes service and diversion revenue, the filing said.
“We have continued to witness a steady growth in the number of connections that has contributed to our robust results this quarter,” Tong Yew Heng, CEO of NetLink NBN Management, the trustee-manager for the trust, said in the statement.
“Our extensive fiber network puts us in good stead to support not only the connections in the residential and non-residential segments
but also Singapore’s Smart Nation initiatives and applications by providing the fiber backbone,” Tong added.
Residential connections contributed 60.9 percent of total revenue, with 1.38 million residential connections during the quarter, compared with 1.22 million in the year-ago period, the filing said.
No distribution was declared, unchanged from the year-ago period.
In its outlook, NetLink NBN was upbeat.
“For FY20, the NetLink Group expects revenues from key connection services to be higher than that of FY19 mainly due to higher residential connections and installation-related revenues,” the trust said. “The group will continue to invest and expand its network to improve the
network’s capability and resiliency.”
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