NetLink NBN Trust's profit grows 36.1% YoY in H1 FY23

Its EBITDA was up 15% to $145.6m.

NetLink NBN Trust’s profit after tax (PAT) increased by 36.1% year-on-year (YoY) to $54.6m in the first half of the financial year 2023, due to higher earnings on the back of lower expenses and higher net revenue net of related costs.

In a statement, NetLink NBN Management, Trustee-Manager of NetLink NBN Trust, said the profit rose due to the higher earnings before interest, tax, depreciation, and amortisation (EBITDA) and was partially offset by higher finance costs and lower income tax credit.

The company’s EBITDA rose 15% to $145.6m due to lower other operating expenses and higher revenue net of its related costs.

READ MORE: NetLink NBN Trust’s profit rises 11.3% YoY to $27.6m in Q123

Its operation expenses during the period were significantly compared to the same period last year due to the $12.4m remeasurement loss in the first half of the financial year 2022 due to the change in rental states upon the renewal of the Central Office revenue.

NetLink’s revenue was up 6.2% to $199.6m mainly due to higher revenue in an ancillary project, connections, co-location and installation-related, but was partially offset by lower Central Office revenue.