TPG Telecom plans high-speed fibre push for city apartments TPG is offering fibre optic cables direct ot buildings. Picture: ThinkStock Source: News Limited TPG Telcom plans to provide half a million city apartments with speeds on par with the National Broadband Network by connecting individual build­ings to its fibre optic network. The company will ramp up its fibre-to-the-building program which promises consumers download speeds of up to 100 megabits per second - the top rate provided by rival network NBN. The high-speed growth strategy for the telco upstart came as it reported a 64 per cent jump in net profits after strongly growing its subscriber base. Investors cheered the announcements, with the share price surging more than 14 per cent to a new all-time high. Under the growth plan TPG will run fibre optic to the base of apartment buildings and use the exiting copper network to connect individual units. Inner city suburbs of Melbourne, Sydney, Brisbane, Adelaide and Perth will be first in the push which will build upon TPG's 3800km of existing fibre optic network. The company said it would not be necessary to significantly expand its high-speed fibre network during the initial rollout as many buildings were already close by. TPG already has 1600 buildings connected to its fibre network. Plans will cost $69.99 per month with unlimited downloads and domestic calls, 100 minutes of international phone calls and a wi-fi modem. The installation fee is $169.99 on a 24-month contract. TPG booked an annual net profit of $149.2 million for the year ended July 31, up from $90.96 million in fiscal 2012. The previous year's result included a $23.2 million one-off tax expense. It added 76,000 broadband subscribers to its customer base of the year, up from 47,000 the year before. Its mobile phone subscriber base increased by 105,000 compared to 54,000 in fiscal 2012. At the end of June TPG had 671,000 broadband and 360,000 mobile subscribers. TPG shares finished the day 53c higher at $4.23. "Investors have reacted very positively to the growth strategy," Morningstar analyst Michael Wu said.