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Telecom lifts underlying earnings on more cost savings

Telecom lifts underlying earnings on more cost savings, sales slip

Aug. 19 (BusinessDesk) – Telecom Corp., which plans to split itself up in order to tap government funding for a national broadband network, lifted underlying earnings 2.1% as it continued its cost-cutting programme.

Net profit was $386 million in the 12 months ended June 30, compared to $380 million a year ago, the Auckland-based company said in a statement. Earnings before interest, tax, depreciation and amortisation gained 2.1% to $1.8 billion, beating the $1.75 billion forecast from Forsyth Barr’s Guy Hallwright. Sales fell 3.2% to $5.1 billion.

Chief executive Paul Reynolds said Telecom is working to demerge the retail business from the Chorus network unit by the end of the year, and more information will be sent to shareholders shortly.

The shares fell 1.5% to $2.605 in trading yesterday and have gained 22% this year.

(BusinessDesk)

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