NetLink posts 2.1% rise in Q1 profit after tax to S$28.2 million

NETLINK NBN Trust saw its profit after tax inch up 2.1 per cent to S$28.2 million for the first quarter ended Jun 30, thanks to contributions from more ancilliary projects.

Revenue for the quarter rose by S$6 million, or 6.2 per cent, to S$103.9 million, NetLink’s trustee-manager announced in an earnings update on Thursday (Aug 17).

Of the revenue increase, S$4.1 million came from non-regulated asset base (RAB) revenue, mainly contributed by the trust’s ancillary projects. The remaining S$1.9 million came from RAB revenue, on the back of higher residential, non-residential, non-building address points (NBAP) and segment connections orders.

On the basis of earnings before taxes, interest, depreciation and amortisation (Ebitda), NetLink’s bottom line was up 3.1 per cent to S$75.2 million. Ebitda rose by a lower margin than revenue due to higher operating costs, the trustee-manager said.

As at Jun 30, there were 1.49 million residential connections and 52,522 non-residential ones, up by 1.3 per cent and 3.3 per cent respectively. The number of NBAP connections grew from 2,479 to 2,757; segment connections grew from 2,170 to 3,003 in the same period.

NetLink units ended Thursday flat at S$0.86.