Chorus Limited (NZX:CNU) witnesses mixed results in Q2FY21

Summary

  • Chorus Limited provided connections update for Q2FY21 that’s showed a mixed picture.
  • Fibre uptake across the completed UFB footprint rose to 63% in Q2.
  • While fibre broadband connections rose by 29,000, copper broadband and voice connections fell by 50,000 in the second quarter.
  • With the COVID-19 related border restrictions, the population growth has witnessed a decline with migration gains reducing to 600 a month.

Chorus Limited (NZX: CNU), the telecommunications operator, provided connections update for the second quarter of FY21 on 26 January 2021.  The update showed that the fibre uptake has risen to 63% with 92% completion of the UFB rollout.

The uptake in UFB1 areas rose from 65% to 66% while that in UFB2 areas increased from 38% to 39% in Q2. About 44,000 fibre installations were completed in the second quarter of FY21.

The Fibre broadband connections rose by 29,000 in Q2FY21. On an average, the monthly data usage witnessed a rise from 456GB in September 2020 to 460GB in the second quarter of FY21.

The number of 1Gbps connections also rose and reached 8000. It was further witnessed that the fibre uptake, especially in the UFB 1 regions, stood at 66% with the greatest growth in the Waiheke Island and Wellington/Kapiti regions.

The Group also revealed that the UFB2 townships that were recently completed, included Taipa Bay Mangonui, Hunterville, Lawrence, Amberley, Karapiro, Matapouri, Taumarunui and  Cheviot.

Group’s voice and the Copper broadband connections dropped by 51,000 in Q2FY21.

Also read: Lockdown Restriction Had Significant Impact on Q4 Operations of Chorus