SINGAPORE (Feb 13): The trustee-manager of NetLink NBN Trust has announced earnings of $19.6 million for the 3Q19 ended December, outperforming its IPO projection by 17.6%.

3Q19 revenue came in at $89.0 million, 3.4% higher than projected.

This was led by higher-than-projected revenue from residential connection, non-residential connections and NBAP & Segment connections, as well as driven by higher diversion revenue from completed projects.

Total expenses for 3Q19 amounted to $71.7 million, which was 0.4% lower than projection.

Earnings per unit stood at 0.50 cent for 3Q19, higher than the projected 0.43 cent.

As at end December, cash and cash equivalents stood at $101.8 million.

Moving ahead, NetLink Trust says it is well-positioned to support Singapore’s Smart Nation initiatives, the developments in Punggol Digital District and Jurong Innovation District, and the fourth mobile telecommunication operator in its mobile network deployment, among others.

It adds that it is monitoring the development of the 5G network in Singapore and will explore opportunities associated with the new technology.

“Our highly resilient business model continued to deliver results that have exceeded projections. We expect a steady growth in the number of connections as more end-users migrate to fibre,” says Tong Yew Heng, chief executive officer of the trustee-manager.

Units in NetLink NBN Trust closed flat at 80.5 cents on Wednesday.