The manager of Netlink NBN Trust has reported a profit after tax (PAT) of $27.6 million for the 1QFY2023 ended June, 11.3% y-o-y.
During the quarter, revenue rose 4.8% y-o-y to $97.9 million, while EBITDA rose 5.0% y-o-y to $73.0 million.
The higher revenue was mainly due to the higher ancillary project revenue, connections revenue and co-location revenue, and partly offset by the lower central office revenue.
Connections revenue comprises residential, non-residential, NBAP or non-building address points and segment connections.
The trust’s ancillary revenue contributed the most growth due to more diversion projects being completed compared to the same period the year before.
Residential connection, however, remained the largest contributor to the trust’s total revenue at 62%.
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The higher EBITDA was a result of higher revenue, net of related costs.
As at June 30, there were 1,469,815 residential connections, 1.43% higher y-o-y.
The group’s net cash from operating activities stood at $88.1 million as at end-June, $21.8 million higher y-o-y due mainly to improved working capital and higher profits.
Units in Netlink closed 0.5 cent lower or 0.53% down at 94 cents on Aug 15.
