TPG profit soars, revenue dips slightly

TPG profit soars, revenue dips slightly

ISP achieves good results in its half-year financial figures ending 31 January.

TPG has posted a 443 per cent jump in net profit and a 0.1 per cent drop in revenue for its half-year results ending January 31, 2010.

The ISP ramped net profit from $5.1 million to $27.5m year-on-year. Revenue sat at $241.5m, a drop of $300,000. Pre-tax earning reached $77.1m, a 34 per cent increase. Operational cash flow jumped 26 per cent to $80.4m.

According to a statement, the company has $47.2m in cash reserves after paying $17.6m to buy 2.8 million shares in wholesale fibre provider, Pipe Networks (ASX: PWK).

The cash will be put together with $66.2m raised to buy the rest of Pipe.

TPG, which merged with competitor, Soul, in 2008 announced it was acquiring Pipe late last year for $373m. The deal was approved by shareholders this month.

The ISP has grown its broadband subscriber base to 54,000 users, the majority of those which were placed on its own infrastructure. Total users now sit at 460,000.

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