NetLink NBN Trust, the company established to build and operate the passive fiber infrastructure for Singapore's next-generation nationwide broadband network (NG-NBN), has again exceeded its IPO projections with its results for the first quarter of the financial year.
The company reported a post tax profit for the June quarter of S$19 million ($13.9 million), a 26.9% improvement on its IPO projection. Revenue also came in ahead of projection by 2.8% at S$86.1 million.
As of the end of the quarter, the NG-NBN had over 1.2 million residential and 44,784 non-residential end-user connections, with both segments growing by 2.1% compared to the prior quarter.
Based on these rates, NetLink NBN Trust said it is on track to achieve its projections for end user connections for the full financial year ending in March, the company said in its quarterly report.
But while the company expects revenues from key connection services to meet projections, overall revenue may be impacted by a decrease in installation revenues.
The company added that it is monitoring 5G developments in Singapore and will “explore opportunities associated with the new technology.”
The government had required the company’s former 100% owner Singtel to divest at least 75% of the company as a condition of winning the tender for the passive infrastructure component of the network.