NetLink NBN Trust’s 9-month profit down 11.8% at S$65.4 million

[SINGAPORE] Fibre infrastructure provider Netlink NBN Trust posted a 11.8 per cent drop in net profit to S$65.4 million for the nine months ended Dec 31, from S$74.1 million in the previous corresponding period.

This was due to higher depreciation from a larger asset base and higher net finance costs, and was partially offset by a higher income tax credit, said the trust in a bourse filing on Thursday (Jan 29).

Depreciation and amortisation rose 6 per cent to S$138.9 million, compared with S$131.1 million the previous year.

Revenue rose 1.6 per cent year on year to S$313 million, from S$308.2 million. This was due to higher co-location revenue and higher ancillary project revenue, but was partially offset by lower connections, lower ducts and manholes service revenue and lower central office revenue.

Total connection numbers – comprising residential and non-residential connections – dipped slightly.

Residential connections hovered at around 1.5 million, similar to last year, while non-residential connections fell to 52,574 from 53,454.

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Units of NetLink closed 0.5 per cent or S$0.005 higher at S$0.98 on Thursday, before the results were released.