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Home / Business / Companies / Telecommunications

TelstraClear posts loss on Canterbury quakes, outsourcing

BusinessDesk
11 Aug, 2011 12:02 AM2 mins to read

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TelstraClear chief executive Allan Freeth File photo

TelstraClear chief executive Allan Freeth File photo

TelstraClear, the local subsidiary of Australia's Telstra, made a loss as the Canterbury earthquakes and costs of setting up a call-centre in the Philippines eroded earnings.

The Auckland-based unit made a loss of $5 million in the 12 months ended June 30 on an earnings before interest and tax basis, compared to a profit of $16 million a year earlier. Revenue increased 1.2 per cent to $701 million, while operating expenses rose 6 per cent to $568 million.

Telstra said the increased costs came from the restoration and recovery activity incurred by the Canterbury quakes, and the one-off labour, travel and training costs from shifting about 120 call-centre jobs in Christchurch and Paraparaumu to Manila last year.

It had previously bucked the outsourcing trend in 2007 when it brought IT support back in-house.

The New Zealand unit contributed a A$28 million EBIT loss to Telstra's group earnings of A$5.69 billion. Local sales of A$516 million made up 2.1 per cent of Telstra's A$24.98 billion group sales, which rose 0.7 per cent in the year.

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Telstra's annual net profit fell 18 per cent to A$3.25 billion.

Telstra's shares, which are dual-listed, fell 2.3 per cent to $3.47 on the NZX.

Last month Telstra rejigged its group structure after agreeing to lease its fixed-line network to the Australian Federal government as part of the country's broadband infrastructure project.

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Governments on both sides of the Tasman are looking to align their respective national broadband projects, with New Zealand undertaking a similar plan utilising dominant local player, Telecom.

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