Trilogy Q1 revenues up 11% to USD169.3m; on target for NZ IPO this year

12 May 2021

Trilogy International Partners (TIP), which owns telecoms assets in New Zealand (2degrees) and Bolivia (Viva), has reported total revenues of USD169.3 million for the three months ended 31 March 2021, up 11% from USD152.8 million on an annualised basis. Adjusted EBITDA for the quarter jumped 20% to USD32.9 million, while the group reported a net loss of USD11.7 million for the period under review, compared to a deficit of USD17.3 million in 1Q20.

In operational terms, 2degrees reported a total of 1.456 million mobile customers at end-March 2021, alongside 134,200 fixed broadband users. Viva, meanwhile, claimed 1.713 million wireless customers at end-March.

President and CEO Brad Horwitz commented: ‘We are pleased with the continued strong performance of our New Zealand business … Our financial results continue to improve, on both a year-over-year and sequential basis. In March, 2degrees’ service revenues for the month reached approximately NZD50 million (USD36.3 million) for the first time … We remain enthusiastic about the continued growth opportunities in New Zealand. 5G is on the near-term horizon, and we continue to make progress executing our strategy and 5G network deployment. Further, we have made progress with respect to a potential initial public offering (IPO) of our New Zealand business and have begun preparations to list on the New Zealand Stock Exchange and Australian Securities Exchange by the end of the year.’