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NetLink NBN's quarterly profit exceeds projections by nearly 12%

Tuesday 14 May 2019 | 11:11 CET | News
NetLink NBN Management reports that its EBITDA and profit after tax for the three months to 31 March 2019 (Q4 FY19) exceeded projections by 1.6 percent and 11.7 percent, respectively. For the financial year ended 31 March 2019, EBITDA and profit outperformed projections by 3.2 percent and 17.8 percent, respectively. According to company CEO Tong Yew Heng, its 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. For the upcoming financial year, NetLink NBN expects revenues from key connection services to be higher than that of FY19, driven by higher residential connections and installation-related revenues.

For the 12 months to 31 March 2019, the NetLink Group posted revenue of SGD 353.6 million, 3.3 percent higher than projection, mainly driven by higher residential connections revenue, diversion revenue, and ducts and manholes service revenue. This was partially offset by the lower than projected installation-related revenue. 

The NetLink Group achieved 1.32 million residential connections as at 31 March 2019 exceeding the projection of 1.27 million by 3.9 percent. Total expenses for FY19 amounted to SGD 287.3 million, which was a 0.2 percent increase from projection. 

The NetLink Group’s EBITDA of SGD 247.9 million exceeded projection by 3.2 percent, while profit after tax reached SGD 77.4 million, above projection by 17.8 percent. 

NetLink ended March with 1.32 million residential connections and 46,207 non-residential end-user connections, compared to 1.19 million residential end-user connections and 43,855 non-residential end-user connections as at 31 March 2018. This represents an increase of 11.3 percent and 5.4 percent, respectively, compared to the end of the previous financial year. NBAP connections increased by 90 percent to 1,587 connections compared to the end of the previous financial year.

The NetLink Group reported steady net cash generated from operating activities of SGD 229.6 million for FY19, which supported the total FY19 distribution of SGD 190.2 million.

The NetLink Group has a stated policy to make distributions on a semi-annual basis. Accordingly, Unitholders can expect to receive a distribution of 2.44 Singapore cents per unit for the period 1 October 2018 to 31 March 2019 on 3 June 2019. This brings the total distribution per unit for FY19 to 4.88 Singapore cents, which translates to a yield of approximately 6.0 percent.

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 NetLink Group plans to continue to invest in its network expansion,  and also use Capex Reserve on projects that will upgrade the network’s capability and resiliency. Therefore, the NetLink Group expects capital expenditure in FY20 to be higher than that of FY19.



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Categories: Fixed
Companies: NetLink Trust
Countries: Singapore
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