- NetLink NBN Trust (SGX:CJLU) reported lower revenue (-1.0% y-o-y), EBITDA (-1.5% y-o-y) and PATMI (-7.6% y-o-y), forming 98%/96%/95% of our full-year forecasts respectively and just below our expectations.
Muted FY25 results.
- - Read this at SGinvestors.io -
- The weaker EBITDA and PATMI were largely due to lower revenue and non-operating income, coupled with higher operating costs. As a result, the FY25 EBITDA (-0.3ppt y-o-y) and PATMI (-1.7ppt y-o-y) margins were lower.
Soft quarter.
- NetLink Trust's 4QFY25 revenue (-2.9% y-o-y, -4.3% q-o-q) was lower y-o-y, dragged by weaker ancillary project revenue (-44.5% y-o-y, -50.3% q-o-q) and interconnection prices.
- - Read this at SGinvestors.io -
Slightly higher dividend.
- NetLink Trust declared a higher 2HFY25 final dividend of 2.68 cents/share (2HFY24: 2.65 cents/share), which is in line with expectations, taking the FY25 total dividend to 5.36 cents/share (FY24: 5.30 cents/share) and forming 100% of our full-year forecasts. This implies an annualised dividend yield of around 5.9%. See NetLink Trust's dividend payout dates.
Stable interest costs.
- Read more at SGinvestors.io.
