Telecom made a profit of $783 million in the year to the end of June, the company has reported today.
That includes the cost of increasing its share in Australia's fourth-largest phone company, AAPT, from 9.9% to 80% during the year. It wants to buy the rest of the Australian telco (see: Telecom seeks the rest of AAPT).
Excluding the AAPT investment, Telecom says it made $846 million in the 12 months, which it says it 2.4% up on the year before.
The telco says operating revenue rose by just under double that amount - 4.2% - to $3,601 million.
It puts the revenue rise down to growth in data services and international call traffic, and the increasing take-up and usage of cellular services.
Average national call prices declined 20%, more than offsetting revenue growth in call volumes and resulting in a decline in national call revenue, Telecom says.