Internet service provider TPG has announced half-year net profits of $33.8 million, up 23 per cent from the previous half-year.
In results published on the Australian Stock Exchange this morning, TPG revealed that it had added 27,000 broadband customers in the half-year ending 31 January 2011, and had brought a total of 40,000 customers onto its network. Of the total 516,000 TPG customers, 398,000 are now on its network.
Network provider subsidiary Pipe Networks, acquired by TPG in March 2010, signed up three major customers — the Australian Stock Exchange, IRESS and Vodafone Hutchison Australia — in the first half of this financial year. This contributed $26 million to TPG's total $113 million in earnings before interest, tax, depreciation and amortisation (EBITDA).
While the company added an additional 16,000 customers to TPG mobile, it also reported a total drop in mobile subscribers of 6000 due to a loss of 22,000 customers from Soul mobile.
TPG also announced that it had paid off $30 million in debt in the half-year.
The devastating Queensland floods in January did not have a large impact on TPG's infrastructure or services, the company said. TPG estimated that its total damage was less than $100,000.