Telecom NZ's 9-month profit down 17.7%

Telecom NZ's 9-month profit down 17.7%

Telecom NZ (ASX:TEL) said its net profit fell 17.7% to NZ$340 million ($273 million) during the first nine months of its financial year, as it grappled with regulatory intervention and technical faults with its XT Mobile network.

The operator said adjusted revenue fell 7.7% to NZ$3.94 billion, but this had been offset by a 10.4% decline in operating expenses to $2.6 billion. As a result, ebitda for the nine-month period fell just 1.7% to NZ$1.3 billion.

Telecom is maintaining its full-year earnings guidance.

Company CEO Paul Reynolds said Telecom was currently considering whether to merge, divest or retain the voice component of its international wholesale business.

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Tags TelecommunicationsNew Zealandfinancial resultsTelecom NZ

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