Telecom posts fall in FY profit

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.