Telecom lifts earnings margin by cutting labour, intercarrier costs as annual sales fall 8.6 percent

Thu, 23 Aug 2012

By Paul McBeth Aug. 24 (BusinessDesk) - Telecom Corp, the country's biggest listed company, eked out bigger savings from a falling heading count and cheaper intercarrier costs as an 8.6 percent decline in sales eroded profits in its first annual result without network operator Chorus. Adjusted net earnings from continuing operations rose to $281 million in the 12 months ended June 30, compared to $88 million a year earlier, the Auckland-based company said in a statement. Statutory profit surged 604 percent to $1.12 billion, or 60 cents per s...

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