6 Nov 2010

Telecom profit falls

10:19 am on 6 November 2010

The country's second largest listed company, Telecom, has reported a big drop in quarterly profit, as prices fell and costs rose.

The company made $103 million in the three months to September, a decrease of 37% on the previous year.

Sales fell because of falling demand for fixed lined phones, and intense competition in the mobile phone market.

Telecom has offered to separate its network and retail arms to participate in the government's ultra fast broadband initiative.