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MELBOURNE - Telstra Corp Ltd, Australia's largest telecoms firm, reported a 20 per cent decline in first-half net profit on Thursday, weighed down by restructuring costs and increased spending on marketing.
Telstra said net profit fell to A$1.7 ($1.94) billion in the six months to December from A$2.14 billion.
This was higher than the consensus forecast of A$1.622 billion, according to the average of nine surveyed by Reuters.
The firm has previously said the first half would see the largest cost impact of its five-year transformation plan. But it has benefited from a slowdown in the rate of decline on high-margin fixed-line revenues, helped by bundling broadband services.
Telstra shares have risen 5.8 per cent this year after some analysts upgraded the stock, while the broad market has added 5.2 per cent.
- REUTERS
