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Telstra Net Profits Dip by 40%

Financial results News - Published on Fri, 16 Aug 2019

Image Source: PC World
Telstra released its full year results for financial year 2019, which were in line with guidance and market expectations and showed strong progress against the T22 strategy. Telstra’s net profit after tax fell 39.6 per cent in the 2019 financial year to AUD 2.15 billion, with revenue down 2.3 per cent to AUD 25.26 billion. EBITDA fell 21 per cent to AUD 8 billion.

Telstra CEO Andrew Penn said the results reinforced the importance of the T22 strategy one year in and Telstra was making strong progress on its implementation. He said “FY19 has been a pivotal year for Telstra. Notwithstanding the intense competitive environment and the challenging structural dynamics of our industry, it is a year in which I believe we can start to see the turning point in the fortunes of the company from the changes we have embraced. We completed our strategic investment program announced in 2016 to digitise our business and create the networks for the future, delivering over AUD 500 million of EBITDA benefits. We passed the halfway mark of customers migrating onto the nbn network. We launched 5G, the next generation of telco technology and the platform for future growth for us and our customers. And at the start of the year we commenced our T22 strategy, where we have made very significant progress.

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Posted By : TelecomGuru on Fri, 16 Aug 2019
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