New Zealand-based wholesale fixed line provider Chorus has announced its financial results for the twelve months ended 30 June 2017, reporting operating revenue of NZD1.04 billion (USD753.4 million), an increase of 3% from NZD1.01 billion in the year-ago period. EBITDA rose from NZD594 million in the firm’s 2016 financial year to NZD652 million for FY17, while net profit after tax increased from NZD91 million to NZD113 million over the same timeframe. Chorus said its financial result for 2017 was underpinned by a strong focus on costs as it streamlined copper provisioning processes and began capitalising labour expenses relating to certain fibre provisioning costs.
At 30 June 2017 total fixed line connections stood at 1.60 million, down 7% year-on-year from 1.73 million, while broadband connections were 3% lower than the year-ago period at 1.19 million. Passing 581,000 premises, Chorus noted that its government-backed Ultra Fast Broadband (UFB) project is now 70% complete, enabling 778,000 customers to connect to broadband speeds of up to 1Gbps. Of that total, 275,000 (35%) of customers have connected to the fibre network within the UFB footprint.