Telecom Corp. of New Zealand Ltd. (NZT) reported Thursday an increase in profit for the third quarter, reflecting a slight increase in operating revenues and gains.
For the latest quarter, the company's net earnings attributable to equity holders rose to NZ$158 million or NZ$0.09 per share from NZ$139 million or NZ$0.08 per share in the foregoing year. Net income for the quarter climbed to NZ$159 million from NZ$140 million in the prior year.
Pre-tax profit for the quarter was NZ$204 million, lower than NZ$233 million in the year-ago quarter.
Earnings before interest, taxation, depreciation and amortisation, or EBITDA, increased to NZ$478 million from NZ$469 million in the preceding year.
Quarterly operating revenues and other gains jumped to NZ$1.4 billion from NZ$1.39 billion last year year. Calling revenues declined to NZ$312 million from NZ$320 million in the previous year. Data division generated revenues of NZ$163 million, higher than NZ$155 million posted last year.
Broadband and internet revenues rose to NZ$149 million from NZ$137 million in the foregoing year. Revenue from IT services inched up to NZ$108 million from NZ$102 million in the prior year. Other operating revenues grew to NZ$91 million from NZ$71 million in the same quarter a year earlier.
Further, on May 7, 2009, the board of directors approved the payment of third quarter dividend of NZ$110 million, representing 6 cents per share.
For the first nine months, Telecom posted net earnings attributable to equity holders of NZ$320 or NZ$0.17 per share, versus N$535 million or NZ$0.28 per share last year. Net earnings decreased to NZ$322 million from NZ$537 million in the previous year. Pre-tax earnings were NZ$456 million, lower than NZ$744 million in earlier year.
Operating revenues and other gains for the nine-month period moved up to NZ$4.24 billion from NZ$4.21 billion in the foregoing year.
Looking ahead to fiscal 2010, Telecom now expects capital expenditures to be in the range of NZ$1.1 billion to NZ$1.2 billion. In a media release, the company said that guidance of a full year decline in EBITDA of 5% to 8% remains in place.
NZT closed Thursday's regular trade at $8.10, down $0.31 or 3.69%, on a volume of 157 thousand shares.
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