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Telecom Confirms Sound Accounting Practice

Telecom Confirms Sound Accounting Practice

Telecom New Zealand said today it has always been committed to sound accounting practice and to comprehensive disclosure on its financial performance.

Chief Financial Officer Marko Bogoievski said revenue gained from the sale of international cable capacity had been fully explained in Telecom’s half year announcement yesterday.

“Our accounting treatment of capacity sales is entirely consistent with accounting standards in New Zealand and Australia,” Mr Bogoievski said.

“Telecom prides itself on its financial disclosure and we have gone to some lengths to explain this issue fully,” he said. “We are confident that the Company’s half year announcement upheld our high standards of transparency in reporting to the market.”

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