Telecom New Zealand has reported an 8.9% rise in net profits to NZD650 million for the nine months to the end of March 2005. Operating revenues were NZD4.19 billion for the same period, up from NZD4.01 billion in the first three quarters of its 2003/04 financial year. The company says that results were boosted by one-time gains from the sale of its stake in Intelsat, the disposal of 15 mobile retail outlets, the repurchase of NZD300 million of convertible notes and accrued income from its Southern Cross Cable Network joint venture.
Telecom says that it achieved its best ever performance in the broadband internet sector in March, with 19,618 gross connections in one month, taking its total broadband customer base to 219,000 by the end of the period. The number of fixed line telephone subscriptions remained stable at 1.4 million. The company also claimed 1.527 million cellular customers by the end of March, up by 64,000 since the start of the year.