Chorus first-half profit drops 29% as wireless competition bites; signals job cuts in cost-cutting drive

Sun, 25 Feb 2018

By Paul McBeth Feb. 26 (BusinessDesk) - Chorus reported a 29 percent decline in first-half profit as the telecommunications network operator faced heightened competition for customer connections from the likes of Spark New Zealand's wireless technology, and has signalled plans to trim its workforce by a tenth. Net profit fell to $47 million, or 10 cents per share, in the six months ended Dec. 31 from $66 million, or 14 cents, a year earlier, the Wellington-headquartered company said in a statement. Revenue fell 5.7 percent to $499 millio...

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