The commentary I have seen is that Vodafone earnings collapsed significantly in the last 6 months as the merger was completed. That was largely due to COVID-19 affecting travel and international students, which reduced mobile earnings. The profit is created by old TPG, who also over-performed by taking in more NBN connections than expected during this period.
Vodafone also had issues with insufficient spectrum, which have been solved by the merger. Seriously though, how did the ACCC think there would be 4 major telcos in Australia when Vodafone was losing more money than ever.
TPG earnings are the reason why we are a profitable company right now. But together, both companies are much stronger and will start to dominate the sector in the coming few years imo.
Ann: HY20 Financial Results Commentary, page-6
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