Spark misses lowered guidance, posts 21% adjusted profit drop
Spark chair Justine Smyth says a focus on reducing costs will improve margins. (Image: NZME)
After lowering its full-year guidance earlier this year, Spark was below target when it reported its earnings for the 12 months to June 30.In May, the NZX-listed telco reduced guidance for earnings before interest, taxes, depreciation, amortisation and interest (ebitdai) to between $1.17 billion and $1.21b. In its full-year earnings report on Friday, it posted an ebitdai, adjusted for the sale of its tower company, of $1.163b, 2.5% lower than the prior financial year’s $1.193b.Adjusted revenue was down 1.2% to $3.81b, and adjusted ne...
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