Telecom may write-down some of its assets in preparation for a proposed split into two separate companies.
The company will report its second-half results on Friday and is widely expected to release the remaining information about its demerger plans next month.
Craigs Investment Partners is picking Telecom's profit will fall 3.4% to $353.6 million.
That's less than some others. Forsyth Barr picks a fall of nearly 8%.
Craigs Investment Partners analyst Geoff Zame says revenue growth in broadband, IT services and mobile will offset declines in home lines, data and interconnection.
But he says the focus will be on Telecom's impending separation plans and there may be some write-downs in certain areas.
He says the split is unprecedented and there is no case study globally on this type of split.
He expects Telecom to pay shareholders a final quarter dividend of 6 cents per share.
