SINGAPORE (Nov 9): NetLink NBN Trust has reported $13 million in earnings for the period from June 19 to Sept 30. This is 4.9% higher than the 12.4 million forecast.

This came on the back of lower operating costs of $2.5 million and lower staff costs of $3.9 million, says NetLink NBN Management.

Revenue for the period under review came in at $64.8 million, 1.2% lower than forecast. This was mainly due to lower installation revenue as there was a decrease in demand for installation of termination points in residential homes as the rate of migration by non-fibre subscribers to fibre was slower than expected.

As of Sept 30, there were 1,142,648 residential connections and 42,028 non-residential connections, compared to 1,094,756 residential connections and 38,457 non-residential connections as of March 31.

In line with the IPO prospectus, the first distribution period of NetLink NBN Trust will be for the period from July 19 to March 31 2018, and will be paid on or before June 29 2018.

No distribution has been declared or recommended for the current financial period ended Sept 30.

In its outlook, NetLink NBN Management says the trust remains on track to achieve its forecast number of end-user connections in both the residential and non-residential fibre segments for the forecast period ending March 31 2018 as stated in the prospectus.

In addition, the trust group expects to deliver financial performance and distribution forecast as stated in the prospectus.

Shares in NetLink NBN Trust closed at 82 cents on Thursday.