[SINGAPORE] The manager of Netlink NBN Trust on Friday (Aug 7) posted a 22.4 per cent year-on-year fall in its Q1 FY2027 earnings to S$18.1 million, from S$23.3 million.
The group said profit after tax fell due to higher depreciation arising from a larger asset base.
Group revenue fell 1.4 per cent to S$101.3 million, from S$102.8 million the previous year, mainly due to lower non-regulated assets base (non-Rab) revenue.
The fall in non-Rab revenue was mainly driven by lower installation-related revenue and was partially offset by higher ancillary project revenue, the group noted.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 4 per cent to S$69.1 million, due to higher operating costs, arising from lower capitalisation of labour costs and higher IT-related expenses.
Total connection numbers – comprising residential and non-residential connections – rose slightly.
Residential connections remained stable at around 1.5 million, similar to the previous year, while non-residential connections declined to 51,459 from 52,905.
“Gross additions for residential connections remained stable in Q1 FY2027, while non-residential connections declined due to end-user churn between requesting licensees,” the group noted in its bourse filing.
Some 60.7 per cent of the trust’s revenue came from residential connections, while 8.3 per cent came from non-residential connections.
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Gross debt stood at S$991 million, unchanged from the previous quarter, while weighted average debt maturity stood at 4.7 years.
Units of Netlink NBN Trust remained unchanged at S$1.01 on Friday, before the results were released.
