Netlink NBN Trust reports $28.2 mil profit after tax for the 1QFY2024, 2.1% increase y-o-y

The group’s revenue amounts to $1.04 bil, on the back of ancillary projects a mix of residential and non-residential orders.

Netlink NBN Trust has reported a profit after tax of $28.2 million for the 1QFY2024 ended June 30, a 2.1% y-o-y increase.

The group’s ebitda came in at $75.2 million, $2.3 million higher than the same period a year before, or a 3.1% increase. This is a “lower margin” increase, according to the group, primarily due to higher operating costs.

Meanwhile, the group’s revenue amounted to $1.04 billion, a 6.2% increase y-o-y.

In a release dated Aug 17, Netlink says that $4.1 million comes from non-regulated asset based (RAB) revenue, mainly contributed by more ancillary projects, while $1.9 million is from RAB revenue on the back of higher residential, non-residential, non-building address point (NBAP) and segment connections orders.

As at June 30, there were 1,489,294 residential connections and 52,522 non-residential connections compared to 1,469,815 and 50,828 a year ago, respectively.

The number of NBAP connections grew from 2,479 to 2,757, and segment connections grew from 2,170 to 3,003 between the period 30 June 2022 to 30 June 2023.

The group’s gross debt stands at $735 million, and its borrowings at fixed rate at 69.4%, both figures are the same from the quarter before.

Meanwhile, Its weighted average debt duration has decreased from 3.4 years the quarter before, to 3.2 years for this 1QFY2024.

The group’s 1QFY2024 effective average interest rate increased to 2.6% from 1.8% in 1QFY2023.

Shares in Netlink closed flat at 86 cents.

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