TPG Telecom has reported net profit after tax had increased to $167 million from $78 million in the preceding year and service revenue reaching $2.2 billion, up 0.7 per cent year-on-year.
The company said the uptick in service revenue is due to second quarter growth offsetting the effects of COVID-19-related restrictions on the telecommunications sector during the first quarter.
?Our strong competitive offering has driven growth in our mobile and fixed wireless subscriber base, positioning us to deliver improved performance as we complete our transition to a growth footing into the second half,? said CEO and managing director I?aki Berroeta.
Shares in TPG Telecom dropped more than 12% following the result.