Telecom New Zealand Reports Rise in Quarterly Profits

I like to report positive quarterly reports when possible, especially when you consider the rough ride most folks have had over the past while. Today, some good news coming from Telecom New Zealand.

The Kiwi Telecom have posted revenues for the first three months of this year and the results are solid. Net profits rose to NZ$159 from NZ$140 one year ago.

CEO Paul Reynolds commented on the numbers:

“In a quarter of continued delivery for our customers, Telecom has again improved its market competitiveness through many enhancements to customer service and experience, greater product offerings and improved reliability. Further, we have met our far-reaching commitments and all key capital investment programmes have remained on track.

The stronger performance in this quarter reflected the Southern Cross dividend and a significantly lower cost of sales in mobile as we prepared for the launch of our new mobile network in May. Guidance of Group NPAT of $460m to $500m for the full year is unchanged.”

It should be noted that Telecom New Zealand has noticed declining trends in other areas, most notably a loss of 16,000 pre-paid connections. That said, it still looks like they’re weathering the storm very nicely.

[Via: Cellular-News]