Telstra: result 2016

The headline numbers didn’t reveal it but this was a weak result that highlighted longstanding concerns.

The headline numbers deceived. Net profit growth of 35%, earnings per share growth of 37% and a buyback of $1.5bn all gave the impression of a growing, stable business (see Table 1) but that impression isn’t quite right.

The numbers were flattered by the sale of the Autohome business, which generated a profit of $1.8bn.

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