NetLink NBN Trust reports fiscal 2H net profit rose 2.3 percent

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NetLink NBN Trust reported Tuesday its fiscal second half net profit rose 2.3 percent on-year to S$51.18 million, bolstered by higher connections revenue.

Revenue for the six months ended 31 March increased 1.4 percent on-year to S$189.68 million, the business trust said in a filing to SGX.

Connections revenue in the six-month period was higher across residential and non-residential segments, partly offset by lower central office revenue, the trust said.

The distribution per unit (DPU) for the fiscal second half was 2.57 Singapore cents, up 0.8 percent from 2.55 Singapore cents in the year-ago period, the filing said.

For the full year, NetLink NBN Trust reported net profit fell 3.7 percent on-year to S$91.26 million, on revenue of S$377.47 million, up 2.5 percent on-year.

The profit decline for the fiscal year ended 31 March was due mainly to a remeasurement loss of S$12.4 million related to finance lease receivables on the reduction in rental rates on the renewal of the Central Office lease agreements from September 2021, the filing said.

The full fiscal year DPU was 5.13 Singapore cents, up 1 percent form 5.08 Singapore cents in the previous fiscal year, the filing said.