iTWire - Telstra records $2b profit for FY23, puts off infrastructure sale
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Thursday, 17 August 2023 20:53
Telstra records $2b profit for FY23, puts off infrastructure sale Featured
By Sam Varghese
Vicki Brady: “We have created a strong digital infrastructure operator and are seeing strong customer demand for our infrastructure." Courtesy Telstra
New Telstra chief executive Vicki Brady has presided over a 13% jump in the company's annual profit to $2.1 billion for the fiscal year 2022-23, with the telco saying on Thursday it would be putting off the planned sale of the remainder of its InfraCo Fixed division.
Australia's biggest telco reported total income of $23.2 billion for the 12 months, a rise of 5.4%, and announced that its corporate restructure had been completed in January 2023.
Brady, who took over the top job in September last year from Andrew Penn, said the company had achieved the three goals it set when establishing InfraCo: creating transparency of the infrastructure business, running it as a standalone business, and providing optionality.
“We have created a strong digital infrastructure operator and are seeing strong customer demand for our infrastructure, while our customers’ needs and long‐term demands continue to evolve,” she said.
In 2021, the Future Fund and Morrison & Co agreed for an Australasian consortium to acquire 49% of InfraCo Towers from Telstra.
Brady said: “After thoroughly examining alternatives, we have concluded that the greatest value to be created for shareholders is by maintaining the current ownership structure of InfraCo Fixed, for at least the medium term.
“Our focus remains on delivering long‐term, sustainable growth, and the objectives and principles of our capital management framework, including seeking to grow our dividend. InfraCo Fixed plays an important role in enabling this, particularity in an inflationary environment.”
Brady said Telstra's T25 strategy was on track overall. "Our mobiles business remains central to our growth and continues to perform very strongly. Our infrastructure, international, Consumer and Small Business (C&SB) fixed line and health businesses also grew earnings," she said.
"At the same time, there are aspects of our Enterprise fixed business that are experiencing headwinds. We remain disciplined on reducing our costs, particularly considering the external economic environment."
Other achievements claimed by Brady were:
- The 5G population coverage reached the FY23 target of 85% and 41% of mobile traffic was on 5G. Total mobile coverage at the end of FY23 was 2.72 million square kilometres, after adding 80,000 sq kms in the last two years.
- Deals signed with Low Earth Orbit satellite providers OneWeb and Starlink mean Telstra would soon deliver new and improved services in regional and remote Australia.
- Construction progressing on new inter-city fibre project, with interest from hyper‐scalers, other operators, satellite providers and national enterprises.
- Absolute scope 1+2 emissions reduced by 30% from an FY19 baseline, with the ambition to reduce absolute emissions by at least 50% by 2030.
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