Telecom profit falls 15.5%

Telecom has posted annual profit of $713 million, in line with the company's guidance, but down 15.5 per cent from last year.

Telecom had forecast annual net profit of between $700 million and $730 million. Last year the company posted annual profit of $3 billion, although this included $2.08 billion booked from the sale of directories business Yellow Pages.

Given this, profit from continuing operations was down 15.5 per cent from $844 million.

Telecom also said this morning annual revenue rose 2 per cent to $5.6 billion.

Read more at BusinessDay.co.nz

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