Telecom New Zealand has reported first-half losses of NZD466 million, thanks largely to a NZD900 million write-down of its Australian operations. Revenues for the six months to the end of December stood at NZD2.85 billion, up from just under NZD2.8 billion a year earlier. The reduction in the book value of Telecom’s Australian subsidiary AAPT has been brought about by what the parent company refers to as a “difficult trading environment”, although the firm says it is upbeat about the division’s future. Meanwhile, Telecom’s mobile arm has continued the trend of adding more subscribers than rival operator Vodafone. In the final three months of 2005 Telecom saw 135,000 net new additions, taking its total client base to more than 1.8 million, while Vodafone added 68,0000 new subscribers to give it just over two million users.