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Telecom NZ's adjusted net falls 24% in Q2

Telecom NZ's adjusted net falls 24% in Q2

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%.

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Tags TelecommunicationsTelecom NZ2009 Financial Results

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