TPG Telecom Profits

Australian telecommunications company, TPG Telecom (ASX:TPG) have announced their profit results. The company has been successful in luring broadband customers from its competitors and the company is now looking at the rollout of the National Broadband Network (NBN).

However, despite the result of posting a 216 per cent rise in profit to $55.7 million for the year ended July and with more than 100,000 new customers, the TPG Telecom saw its share price fall 9.81 percent, or 18.5 cents, at $1.70. TPG had presented a weak set of profit guidance figures and the market was uncertain that the telecommunications provider can keep up its growth momentum.

TPM's revenue rose six per cent to $508.22 million, but the market was expecting $515.8 million, according to Bloomberg data. Similarly, the market consensus was for earnings per share of 9.4 cents, about 19 per cent above the 7.6 cents reported. Adjusted net profit missed by 13.4 per cent, Bloomberg data showed.

TPG Telecom declared a final dividend of two cents per share, fully franked.