- Tuas Limited (ASX:TUA) released financial results for its inaugural financial year.
- The Singapore business has registered creditable results.
- Subscriber growth was a key positive for the Company.
ASX listed Singapore-based telecom business Tuas Limited (ASX:TUA) shares its financial results from 11 March 2020 (date of incorporation) to 31 July 2021. TAU revenue has shown monthly growth throughout the reporting period, recording an increase of around SG$30 million since interim results in October 2020.
Result Highlights of TUA
- TUA reported an EBITDA loss of SG$2.5 million for the reporting period.
- TPG Singapore, the operational business of the group, recorded a positive EBITDA of SG$0.9 million for 12 months to 31 July 2021.
- TPG Singapore is continuing positively into the first quarter of FY22.
- From the acquisition of TPG Singapore, Tuas has received cash worth SG$56.02 million; by 31 July 2021, the cash and term deposits with Tuas have grown to SG$94.58 million.
- The majority of cash utilised during the reporting period is for capital purchases.
- TUA has not declared or paid any dividend during the reporting period.
- Subscriber growth has been a key positive for the Company. In the 11 months since September, TPG Singapore tripled its subscriptions.
- TPG Singapore will also complete its 4G rollout this calendar year.
The stock TUA was spotted trading 35.294% higher at AU$1.380 per share on the ASX at 12:00 PM AEST.
About Tuas Limited (ASX:TUA)
Tuas Limited (ASX:TUA) was incorporated on 11 March 2020 to get listed on ASX as a holding vehicle for TPG Telecom Pte Ltd, the Singapore mobile business of TPG Telecom Limited. TPG Singapore is the latest national level mobile network operator to enter the Singapore telecom market. The Tuas Group is made up of Tuas Limited (ASX:TUA) and its wholly-owned subsidiaries, TPG Telecom Pte Limited (TPG Singapore) and Tuas Solutions Sdn Bhd (Malaysia)
Tuas has not provided any revenue or EBITDA guidance for the coming financial year.
It expects to incur capital expenditure of around SG$40 million (excluding investment in 5G) in the financial year ending 31 July 2022.
TPG Singapore shall continue its focus on growing subscribers through the coming 12 months.
TPG Singapore has also been approved to conduct limited commercial trials of its 5G non-standalone network.
TUA has reported growth in the month on month revenues. It has also witnessed growth in the customer base. These factors contribute to its positive future outlook. It also seems to be progressing well with the latest telecom development, 5G.