2 Nov 2007
Telecom New Zealand has reported flat fiscal first quarter results for the three months ended 30 September 2007, but says is looking to refocus its investments as it moves away from being merely ‘a phone company’. Telecom’s net profit for the period Jul-Sep were NZD225 million (USD173 million), unchanged from the corresponding period a year ago, despite a 29.3% rise from continuing operations. The telco continued to suffer from declines in its calling revenue (down 11.1% to NZD225 million), with its main revenue gain being in its IT Services operation, which climbed 12.9% year-on-year to NZD96 million. Group revenue for the quarter rose 0.1% to NZD1.41 billion, while domestic operating revenues slipped 2.9% to NZD1.04 billion.