Telstra takes 13pc profit hit with $350m in cuts on track

[Pelican Press 0]

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Telstra takes 13pc profit hit with $350m in cuts on track

Telstra’s full-year net profit has dropped 12.8 per cent to $1.8 billion as it took significant one-off charges to slim down its fixed enterprise business.

Telstra said on Thursday those one-off charges totalled $715 million; without them its net profit after tax would have grown 7.5 per cent to $2.3 billion.

Telstra in May announced it would cut 2800 jobs, mostly in its enterprise division, and those workers would be owed redundancy payments.

Telstra’s total income for the 12 months to June 30 was up one per cent to $23.5 billion.

“A consistent and disciplined ********** of our strategy has delivered our third consecutive year of underlying growth, and positive momentum across many of our key indicators,” chief executive Vicki Brady said.

Ms Brady said Telstra was confident of achieving its goal of $350 million in cost reduction by the end of this financial year.

Telstra added another 560,000 net new handheld customers during 2023/24, with mobile revenue up 5.6 per cent.

Telstra declared a nine cent fully franked per share final dividend, taking its total dividend for the year to 18 cents per share, up 5.9 per cent from last year.

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