20 Aug 2010

Telecom profit down by 20%

8:53 am on 20 August 2010

Telecom has seen its full year profit fall by 20% to $382 million.

Revenues fell more than 6% to $5.2 billion in the year ending June.

Telecom says the fall in revenues is due to increased competition and pricing pressures in its fixed line telephone business.

Telecome will pay a dividend of 6 cents per share will be paid for the fourth quarter.

The company's shares, which have fallen by 17% so far this year, closed at $2.10 on Thursday.