Telecom posts fall in FY profit

Group says it is realistic about performance improvements that need to be made in year ahead.

New Zealand's Telecom Corporation (TEL) says despite good progress on a strategic shift throughout the year it is "realistic" about the performance improvements that need to be achieved, after posting a fall in net profit for fiscal 2013.

In the year to June 30, Telecom's net profit excluding discontinued operations was $NZ238 million, a 23.5% decrease on the $NZ311 in the previous year.

Telecom noted year-to-year financial comparisons were complicated by the Chorus demerger in December 2011, which impacted the fiscal 2012 financial results.

Net profit including discontinued operations was 79.6% lower on the previous year.

In the same period revenue was $NZ4.19 billion, an 8.1% decrease on the $NZ4.17 billion in the previous year.

The group will pay a partially-imputed final dividend of eight NZ cents on October to shareholders on the register at September 30.

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