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.


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