Telecom New Zealand (ASX:TEL) has reported it earned NZ$80 million ($62.7 million) in Q2, a result that when adjusted for write-downs translates to a 23.8% year-on-year decrease.
The company had posted a net profit of just NZ$15 million in Q209, but the result had been impaired by a NZ$101 million write-down.
Telecom’s adjusted revenue fell by 6.5% last quarter to NZ$2.67 million. The company said growth in the fixed broadband market slowed, but it managed to attract 64% of the new customers, holding its market share at 57%.
Its new XT mobile network continued its steady growth, and had 467,000 subscribers by the end of the year. Of these, 57% are postpaid. Roaming revenues soared 111% year-on-year, and average data revenue per user grew 19%.