NBN Co reports 22% y-o-y increase in revenue in 1Q21

10 Nov 2020

Australia’s NBN Co has published its financial results for the quarter ended 30 September 2020, reporting a 22% year-on-year increase in revenue. Citing the impact of ‘strong customer activation numbers’, the company generated a total turnover of AUD1.07 billion (USD780 million) in the three-month period under review. Meanwhile, it recorded positive EBITDA of AUD102 million in Q1 2021, a development which it said ‘builds on the positive momentum in EBITDA generated by the company in Q4 2020’. EBITDA before subscriber costs totalled AUD571 million, an increase of 61% y-o-y, with NBN Co noting that it had paid approximately AUD469 million in total combined subscriber costs to Telstra and Optus during its most recent quarter. NBN Co’s capital expenditure for 1Q21 was AUD772 million, and it said that the ‘largest component’ of that figure related to build and connection costs.

In terms of operational highlights, NBN Co confirmed that it as of 30 September 2020 it had a total of 7.66 million premises connected to its network, having added 388,000 over the previous three-month period. With regards to the availability of the National Broadband Network (NBN), the company said it had continued to extend the footprint, with an additional 84,000 premises made ‘Ready to Connect’ in 1Q21; such work lifted the total number of ‘Ready to Connect’ premises to 11.82 million.

Commenting, NBN Co CEO Stephen Rue said: ‘It has been a strong first quarter and we are on track to meet the key financial forecasts outlined in our Corporate Plan 2021. Revenue growth is tracking ahead of forecast and we continue to service high levels of demand for new connections with around 30,000 residential and business premises connected to the network every week, on average.’

Australia, NBN Co