TPG Telecom Ltd, formerly known as SP Telemedia, says its unaudited results for the first five months of it fiscal 2010 year show it is on track to achieve its annual profit guidance.
According the unaudited results, net profit for the five months to December 31 was $22.5 million.
Its full year profit is forecast to be between $52 and $57 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first five months was $65 million.
Full year EBITDA is forecast to be between $140 and $150 million.
Five month EBIT was $35.9 million, on track to achieve full year EBIT of $78 million to $86 million.
The internet service provider also announced on Tuesday a capital raising of approximately $70 million to reduce debt following the proposed acquisition of PIPE Networks Ltd to approximately $350 million.
PIPE Networks owns and operates internet exchanges across Australia.
The capital raising will consist of a share placement by book build to sophisticated and professional investors and an offer to existing shareholders.
TPG shares have been placed in a trading halt ahead of the book build.
They last traded at$1.675 each.
Add to My Watchlist
What is My Watchlist?