UPDATE AND CORRECT: Spark shares rally as cost-cutting drive pays off

Wed, 21 Aug 2019

(Fixes profit figures in 2nd paragraph, updates and recasts on share price, adds broker comment in 8th paragraph) By Paul McBeth Aug. 21 (BusinessDesk) - Spark New Zealand shares hit an eight-month high after the country's biggest telecommunications company lifted annual profit 12 percent as it stripped out costs through a company-wide transformation programme. Net profit rose to $409 million in the 12 months ended June 30 from $365 million a year earlier, with operating revenue unchanged at $3.53 billion. The telco cut operating spen...

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