TPG beats FY profit guidance

TPG Telecom (TPM)  forecasts continued organic growth after increasing net profit in full-year 2013 that beat its guidance.

Earnings before interest and tax (EBIT) lifted 12% to $293.1 million, above the company's guidance set in March for between $285 million and $290 million.

The group increased net profit 64% to $149.2 million in fiscal 2013, compared with $91 million in the previous corresponding period.

TPG said the 2012 result was adversely affected by a $23.2 million one-off tax expense which arose from a retrospective tax legislation change.

The group said if the impact of this change is excluded, the fiscal 2013 result is still a 31% increase in net profit after tax.

Revenue rose 9% to $724.5 million in the year, compared with $663.1 million in the prior year.

TPG will pay a final dividend of four cents per share, fully franked.