Optus has announced a profit drop of AU$147 million year on year for the nine-month period to the end of December, falling to AU$431 million, with the telco citing lower National Broadband Network (NBN) migration payments. Underlying net profit also dropped by 15 percent to AU$488 million, while earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 3.4 percent from just over AU$2 billion to AU$1.95 billion. Despite this, Optus said it has “strong sales momentum”, with operating revenue up 5.2 percent to AU$6.8 billion and Optus CEO Allen Lew pointing to growth across mobile subscribers and the launch of its commercial 5G service. “We are proud to be first in market with a 5G home broadband service,” Lew said. “Our customers can continue to expect more innovation, entertainment services, value-added solutions including cybersecurity, and game-changing customer experiences in the future.” Earlier this week, Optus switched on its fourth 5G mobile tower, with 50 sites due to be online by March to provide coverage to 60 suburbs. Optus plans to have 1,200 5G mobile sites live by March 2020 across New South Wales, Victoria, Queensland, the Australian Capital Territory, South Australia, and Western Australia. 5G Home Broadband on Optus will cost AU$70 per month for unlimited data at a 50Mbps minimum speed guarantee, and is slated to provide connectivity by the second quarter of 2019. Optus is working with both Nokia and Ericsson, with Lew saying the company will be taking a “multi-vendor approach” to its network. In an… [Read full story]
ZDNet is a business technology news website published by CBS Interactive, along with TechRepublic. The brand was founded on April 1, 1991, as a general interest technology portal from Ziff Davis and evolved into an enterprise IT-focused online publication owned by CNET Networks.