SINGAPORE (Aug 3): NetLink NBN Trust reported earnings of $19 million for 1Q19, 26.9% higher than the projected $15 million as disclosed in the group’s IPO prospectus.

Revenue for the quarter exceeded forecasts by 2.8% at $86.1 million compared to the projected $83.8 million based on higher-than-projected diversion revenue and ducts & manholes service revenue.

As at end-June, there were 1.2 million and 44.8 million residential and non-residential end-user connections, respectively, up 2.1% in both segments from the previous quarter.

Non-building address points (NBAP) connections grew by 35.2% to 1,129 connections compared to the end of the previous quarter.

NetLink NBN Trust intends to continue supporting requesting licensees (RLs) and government agencies on various Smart Nation Initiatives.

It also has been working with RLs to anticipate future demand in the non-residential and NBAP segments, while monitoring the development of Singapore’s 5G network with the intention to explore opportunities associated with the new technology.

While the next-generation broadband network provider expects revenues from key connection services to meet its projection figures for FY19, it cautions that overall revenues may be affected by lower installation revenues going forward.

It expects to deliver in-line with its projected FY19 distribution, as per its prospectus.

Shares in NetLink NBN Trust closed flat at 78 cents on Friday.