FIRST CUT: Spark lifts annual profit 12% as cost-cutting drive pays off

Tue, 20 Aug 2019

By Paul McBeth Aug. 21 (BusinessDesk) - Spark New Zealand lifted annual profit 12 percent as the country's biggest telecommunications company stripped out costs in its transformation programme, dubbed Quantum. Net profit rose to $437 million in the 12 months ended June 30 from $337 million a year earlier, with operating revenue unchanged at $3.53 billion. The telco cut operating spending by 4.3 percent to $2.44 billion, which helped boost earnings before interest, tax, depreciation, amortisation and investment income by 11 percent to $1....

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