Telstra competition sees profit attributable to shareholders fall 33%

Company News

by Jessica Amir

Telstra Group (ASX:TLS) has reported its profit after tax attributable to equity holders and Telstra fell 32.7 per cent to $3.9 billion for the year ended 30 June 2017, compared to the prior corresponding period.

The communications giant says its result were in line with its guidance. But it experienced pricing pressures from increased competition and that resulted in price reductions and increased data allowances.

Telstra’s total revenue rose 0.4 per cent to $26 billion, while its EBIT fell 1.1 per cent to $6.2 billion.

The company declared its total dividends hit 31 cents per share fully franked in 2017, while its dividend for next year will fall.

Shares in Telstra Group (ASX:TLS) are trading considerably lower on the back of the news, at the minute they are 9.47 per cent lower to $3.90.
 

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