Telstra reports profit for first half of fiscal 2024, NAS arm disappoints
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Friday, 16 February 2024 08:52
Telstra reports profit for first half of fiscal 2024, NAS arm disappoints Featured
By Sam Varghese
Australia's biggest telecommunications company, Telstra, has reported a billion dollars in profit for the first half of fiscal 2024, a rise of 11.5% over the corresponding period a year prior.
The company's results for the period, release on Thursday, showed it had income of $11.7 billion, a rise of 1.2% year-on-year.
Telstra chief executive Vicki Brady said in a statement overall momentum was good, driven by continued growth across mobile, fixed C&SB and infrastructure.
“Our mobiles business remains central to growth and continues to perform strongly, growing EBITDA almost $300 million in the half driven by more customers, ARPU growth and cost discipline,” she said.
“Within our Enterprise Fixed business, Data & Connectivity is performing as expected; however NAS (network applications and services) is clearly a long way from where we need it to be.”
Brady said the company was conducting a detailed review of its domestic Enterprise business and had a clear set of immediate and significant actions to address performance, which were both cost- and revenue-based.
“We are undertaking a full review of the products and services we provide within our Enterprise business, and particularly our NAS portfolio, to make sure they both meet the current and future needs of our customers, and create shareholder value,” she said.
“Given the performance in our NAS business, we are tightening our FY24 Underlying EBITDA guidance range to $8.2 to $8.3 billion. FY24 guidance across other measures is reaffirmed.
“We have remained disciplined on reducing our costs, particularly considering the external economic environment. This discipline during the half delivered $64 million core fixed cost out, and cumulatively we've delivered $105 million since FY22.
“We remain absolutely committed to capital discipline, and delivering our T25 Underlying EBITDA, EPS and ROIC growth ambitions.
“While we’re being challenged by cost pressure, we still expect to achieve the large majority of our cost out ambition by the end of FY25.”
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