TPG Telecom announced its financial results for the half year ended June 30, holding steady in revenue while reporting a dip in profit.
Revenue from ordinary activities remained largely stable, reaching $2.71 billion, almost unchanged from the $2.71 billion in the previous corresponding period.
However, the company's profit from ordinary activities after tax dropped to $29 million, a decrease of 40% compared to $48 million in the same period last year.
EBITDA showed positive development, standing at $974 million, up by 4%.
Mobile service revenue increased 7.2% compared to the first half of 2023, driven by higher average revenue per user.
Fixed broadband revenue also saw a rise of 6.3%, attributed to strong growth in fixed wireless services.
TPG saw a substantial improvement in its operating free cash flow, which surged by $340 million.
"This reflected service revenue growth, direct cost efficiencies in both Mobile and Fixed and modest growth in operating expenses," said Iñaki Berroeta, CEO and managing director of TPG Telecom.
The company also highlighted strategic initiatives, including its regional network sharing agreement with Optus, which is awaiting approval from the Australian Competition and Consumer Commission.
The interim dividend for FY24 is set at 9 cents per share, 87% franked, scheduled for payment on Oct. 11, with a record date of Sept. 13.
Cost management and business simplification efforts are expected to yield further benefits in the upcoming periods.
TPG reaffirmed its guidance, tracking towards the mid-point of its EBITDA range of $1.95 billion to $2.03 billion for the 2024 full year.