Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>