Telecom has lost its appeal against a court ruling that found it had abused its market power to shut out competitors. Photo / Greg Bowker
Telecom, the country's biggest listed company, missed estimates as it posted its first annual result without the telecommunications network operator Chorus, and signalled next year's earnings will be slightly weaker than 2012.
Net earnings from continuing operations rose to $281 million in the 12 months ended June 30, compared to
$88 million a year earlier, the Auckland-based company said in a statement.
Statutory profit surged 604 per cent to $1.12 billion, or 60 cents per share, including the five months Chorus spent under the Telecom umbrella before being spun-off as a standalone entity. The company took a $257 million charge on its ageing copper lines, which now sit with Chorus, in the 2011 annual result.
Earnings before interest, tax, depreciation and amortisation from continuing operations climbed 48 per cent to $1.08 billion on an 8.6 per cent decline in sales to $4.58 billion.
Analysts were expecting ebitda of $1.1 billion on sales of $4.67 billion.
