Telecom profit slides
Telecom has reported a net profit of $236 million, down 79.6 per cent, after revenues slipped 8.5 per cent to $4.19 billion.
It revealed this morning that it had axed 981 full-time jobs since chief executive Simon Moutter announced major cost-cutting in February, and ended the financial year with 6622 full-time equivalents.
The company said that on an "adjusted basis" its profit was $342m, down from last year's $422m.
Adjusted earnings before interest, tax, depreciation and amortisation were in line with guidance at $1.043b.
The company said it was seeing growing competition from "over-the-top" communications providers that provided services over the internet, although this was increasing demand for broadband.
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