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TPG's 1H profit soars 443% to $27.5m

TPG's 1H profit soars 443% to $27.5m

ISP TPG Telecom (ASX:TPM) said its net profit grew a whopping 443% in 1H10, a result due in part to strong subscriber growth.

Net income totalled $27.5 million, on 34% higher ebitda of $57.5 million.

The company added 54,000 broadband subscribers during the six-month period, TPG said. The total number of subscribers hit 460,000 in March.

TPG has raised its guidance from between $140 million and $150 million to between $140 million and $158 million on the strength of its 1H results – but noted that these projections do not take into account the costs of acquiring backhaul operator PIPE Networks.

TPM is today trading 8.02% higher to $2.290.

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Tags financial resultsTPG TelecomTelecommunications

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