Cable write-down damages Telstra profits

27 Feb 2003

Australia’s largest telco Telstra has reported its lowest profits since going public in 1997, following a AUD946 million charge to write off its stake in its Reach undersea cable joint venture with Richard Li. The charge contributed to a net income of AUD1.18 billion for the six months to 31 December 2002, down from AUD2.1 billion twelve months before.