Telecom NZ boosts 1H10 profit 49% to $187m

Telecom NZ (ASX:TEL) has recorded a 49.1% increase in 1H10 net profit to NZ$243 million ($186.9 million), as strong subscriber growth offset increasing margin pressures.

CEO Mark Ratcliffe said the New Zealand telecom market became “more competitive than ever” during the reporting period

The company added 60,000 mobile customers, to bring the total number of subscribers to its XT Mobile network to 467,000. It meanwhile captured 64% of the new broadband subscribers in Q2.

Australian subsidiary AAPT boosted its ebitda 29.4% to $56 million, despite operating revenue decreasing by 14.7% to $458 million.