The EBITDA by business unit was $161m for TPG and $55m for Pipe...

The EBITDA by business unit was $161m for TPG and $55m for Pipe if accounted for on a full year basis, as standalone businesses over the course of FY10.
Added together that is $216m which is the TOP end of the FY11 forecast for the combined group. So TPM may actually go backwards next year (since forecast was $210m-$216m)

The $171m reported was the combined entity - ie. TPG plus 4.5 months of Pipe, less acquisition costs.

Revenue only went up 6% and if you take out the Pipe contribution, TPGs revenue actually DECLINED.

TPG is intending to maintain growth rates by aggressively cutting prices, which will lower margins and profits. Increased SIOs will be outweighed by lower ARPU.

TPG is also losing Soul Mobile customers, which due to high margins, has a detrimental effect on revenues and profits.