Telecom Corp of New Zealand Posts Jump In H1 Net Profit, Announces Share Buyback Program

Telecom Corp. of New Zealand Ltd. NZT posted a surge in its first-half earnings. The company's net profit for the perios jumped to NZ$1.0 billion ($834 million), from NZ$165 million, in the year-ago period. Its adjusted net profit rose to NZ$240 million, from NZ$159 million. The company's revenue dropped 7.7% to NZ$2.36 billion from NZ$2.56 billion. However, the company's adjusted revenue fell 8.5% to NZ$2.32 billion from NZ$2.54 billion. Telecom Corp. of New Zealand projects second-half adjusted net profit of NZ$160 million-NZ$190 million and adjusted earnings before interest, tax, depreciation and amortization of about NZ$560 million. It also announced its plans to pay a fiscal first-half dividend of nine New Zealand cents per share and also announced a share buyback program worth about NZ$300 million. Telecom Corp. of New Zealand shares closed at $8.89 yesterday.