Chorus reports stable revenues in FY2014 but net profit slips 13%

26 Aug 2014

The New Zealand telecoms network operator Chorus has reported operating revenue of NZD1.058 billion (USD883.6 million) for the twelve months to 30 June 2014, virtually unchanged from a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at NZD649 million, down from NZD663 million the year before, while net profit fell 13% to NZD148 million. Chorus CEO Mark Ratcliffe said there is a need to ‘reshape Chorus operationally and financially to address the challenges posed by the ongoing uncertainty with the regulatory framework and revised copper pricing’. He added: ‘While good progress has been made, the funding gap remains very challenging and more will need to be done to return Chorus to stability.’

New Zealand, Chorus (New Zealand)