India, Aug. 21 -- TPG Telecom Limited (TPG.AX), an Australian telecommunications company, reported higher first-half profit, mainly driven by a drop in net financing costs. Total revenue declined slightly due to lower handset and hardware sales.
Net profit after tax (NPAT) rose to A$35 million, or 1.8 cents per share, from A$32 million, or 1.7 cents per share, a year earlier.
Net financing expenses declined 24.3%, resulting in savings of A$51 million, driven primarily by a sharp reduction in net bank interest expense, which fell to A$37 million from A$122 million last year.
On a pro forma basis, NPAT was A$35 million, or 1.8 cents per share, compared with a loss of A$20 million, or 1.1 cents per share, a year ago.
Underlying net profit ...