Australia’s NBN Co has published its financial results for the three months ended 30 September 2019, highlighting a 41% year-on-year increase in total turnover as the number of premises connected to the National Broadband Network (NBN) continued to climb. For the quarter under review NBN Co generated revenue of AUD876 million (USD600 million), up from AUD620 million in the corresponding period a year earlier, with the lion’s share of that – AUD678 million, up from AUD474 million – classified as turnover from residential users. EBITDA before subscriber costs also saw a notable increase, rising to AUD356 million in the first quarter of the company’s 2020 fiscal year, up from AUD74 million, although NBN Co’s operating loss widened from AUD875 million in 1Q19, to AUD1.19 billion in 1Q20.
In operational terms, as at 30 September 2019 there were reported to be a total of 10.159 million premises classified as ready to connect to the NBN, up from 7.347 million a year earlier, while the number of active premises stood at 6.029 million, representing annualised growth of almost 40% from the 4.374 million figure reported at end-September 2019. With regards to uptake on a speed tier basis, NBN Co reported that 66% of subscribers were signed up to a plan offering downlink rates of 50Mbps or more at the end of the reporting period, up from 50% at end-September 2018.
Commenting on the company’s performance, NBN Co CEO Stephen Rue said: ‘We remain on track to complete the volume rollout of the network by 30 June 2020 … During this quarter, around 40,000 Australian homes and businesses started experiencing the benefits of high speed, secure and resilient [NBN] services every single week, and while we know we have much more to do in collaboration with the industry to improve customer experience, it’s pleasing to see that our overall customer satisfaction scores are improving.’