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'Enormous challenge and change': Telstra posts 8.9% fall in profit

Jennifer Duke |  16 August 2018  |  Investing

Telstra chief executive Andy Penn has warned of "challenges" over the coming financial year, while posting a net profit decline of 8.9 per cent to $3.53 billion in fiscal 2018, as the rollout of the national broadband network (NBN) continues and mobile competition heats up.

Over the year, 342,000 retail customers, 88,000 retail fixed broadband customers and 135,000 retail bundles were added, but “challenging trading conditions are expected to continue in fiscal 2019”, Telstra said, due to the NBN rollout and amid pressure on revenue per user.

 


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