TPG TELECOM LIMITED

TPG
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TPG Telecom : Records Annual Profit Post Merger

02/24/2021 | 05:16pm

By Rhiannon Hoyle

SYDNEY--TPG Telecom Ltd. recorded a net profit in 2020 and said it is optimistic about a continued recovery in the year ahead.

TPG, which last year merged with Vodafone Hutchison Australia, reported a net profit of 741 million Australian dollars (US$586 million) for the 12 months through December. That compared to a loss of A$280 million in 2019.

Directors declared a dividend of 7.5 Australian cents a share.

"Notwithstanding the impact of Covid, especially global travel restrictions, continued NBN [National Broadband Network] headwinds, ongoing mobile competition as well as regulatory challenges, TPG Telecom's results were relatively resilient," the company said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

02-24-21 1715ET

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