NBN Co ups revenue 10% for FY22, but red ink remains on balance sheet

The NBN Co, the company rolling out Australia’s national broadband network, recorded $5.1 billion in revenue for the full-year 2021-22, an increase of 10% year-on-year. But the company has yet to hit profitability, with the loss for the period being $1.46 billion.

This latter figure was not, expectedly, highlighted by the company in its statement issued on Tuesday listing results for the financial year to June 30.

The company said in a statement that 8.5 million residential and business premises were connected to the network, meaning there had been about 316,000 additional activations since the end of 2020-21 financial year.

The average revenue per residential user was stuck at $46, the same as last year. The NBN Co has said in the past that this figure has to hit $52 for it to show a profit.

NBN Co chief executive Stephen Rue commented: ““We have achieved our full-year guidance targets but, more importantly, the network has continued to support Australians working, studying, shopping, staying connected to family and friends and accessing entertainment content from home.

“Our oversight and financial management of the business enables us to continue to invest in the network to deliver faster speeds and greater capacity across the network for the benefit of all customers.

“We have accelerated our private debt raising and capital recycling program over the last three years to take advantage of record low interest rates, locking in a series of well-priced Medium-Term Notes. This provides us with a good hedge should interest rates continue to rise in the future.

“It is, however, important that we continue to prudently manage our capital and operating costs and generate consistent, predictable revenue so we can continue to deliver on customer, industry and government expectations as we work to lift the digital capability of Australia.

“We are pleased with the progress we have made in upgrading our network and look forward to continuing to deliver on these upgrade programs on behalf of customers in coming years.”


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