NetLink NBN Trust reports fiscal 2Q net profit rose 24 percent

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NetLInk NBN Trust reported Friday its fiscal second quarter net profit rose 24.1 percent on-year to S$23.19 million as revenue rose, mainly on higher residential-connections and installation-related revenue.

Revenue for the quarter ended 30 September rose 3.8 percent on-year to S$94.07 million, the trust said in a filing to SGX.

However, ducts and manholes service revenue and diversion revenue fell, mainly on the completion of fewer joint-build projects in the quater and lower service revenue due to decreased cable-length chargeable, the filing said.

Total expenses for the quarter fell 2.2 percent on-year to S$72.84 million, mainly on lower installation costs, diversion costs and other operating expenses, the filing said.

For the fiscal first half, NetLink NBN Trust reported net profit rose 17 percent on-year to S$44.12 million on revenue of S$186.11 million , up 5.3 percent on-year.

The distribution per unit (DPU) for the fiscal first half was 2.52 Singapore cents, up 3.3 percent from 2.44 Singapore cents in the year-ago period, the filing said.

“Supported by our resilient business model, we have experienced sustained growth in terms of revenue and number of residential, non-residential and NBAP connections, which continue to provide us with stable recurring and predictable cashflows to support distributions to unitholders,” Tong Yew Hong, CEO for the trust’s manager, said in the statement.

In its outlook, NetLink NBN Trust said it expected the fiscal year’s revenue from key connection services would be higher on-year due to higher residential connections and installation-related revenue.

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