TPG shares slide despite 216% profit boost

Shares in TPG Telecom (ASX:TPM) have fallen nearly 10% today, despite the company's announcement of a 216% increase in FY10 profit.

The company, which acquired backhaul operator PIPE Networks for $6.30 per share during the year, reported profit of $55.7 million.

Ebitda was $171.1 million, well above TPG's guidance range of $152 million to $158 million. PIPE Networks contributed $15.6 million to this.

But revenue increased just 6% to $508.2 million.

TPG shares have today fallen 9.81% to $1.700.