Telecom Corporation of New Zealand (ASX:TEL) has reported a 35 per cent drop in first-half net profit, as it struggles against the impact of regulator costs.
Dual listed in both Australian and New Zealand, the telco says adjusted net profit came in at $120 million for the six months to 31 December 2010, down from $185 million the year before.
In the same period the Auckland-based company says adjusted revenue dropped 3.3 per cent to $1.96 billion.
CEO Paul Reynolds has confirmed that the company remains on track to deliver full-year earnings guidance.
In the 2011 financial year Telecom Corporation of New Zealand expects to achieve EBITDA of between $1.3 to 1.4 billion.
In the year to 30 June 2010, Telecom Corporation of New Zealand reported a net profit of $310.4 million.
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