turnaround turnaround again, page-5

from today's afr... Date: 2/2/2006
Author: Tina Morrison
Source: The Australian Financial Review --- Page: 16
Telecom Corporation of New Zealand is being dragged down by its Australian operations. The telco has yet to report its results for the second quarter of fiscal 2005-06, but it is expected to announce a loss, thanks to the underperformance of AAPT. It is believed that Telecom made a profit of about $NZ191m, excluding extraordinary items, for the quarter. However, those items included the write-off of about half of AAPT's value, or around $A700m. It is likely that Telecom will divest AAPT, or possibly roll it into a joint venture with another telco in Australia.

Me thinks an SOT/AAPT merger would be a better fit.

Regards
Quik.