Home > Latest News > Telstra Claims “Momentum” Despite 11% Revenue Slump

Telstra Claims “Momentum” Despite 11% Revenue Slump

Telstra says it is in a strong position heading into the 2022 financial year, with an increase in net profit despite falls in total income and EBITDA.

Income decreased 11.6 per cent to $23.1 billion for the year, and EBITDA was down 14.2 per cent to $7.6 billion; net profit after tax, however, rose 3.4 per cent to $1.9 billion.

In a release to the ASX, Telstra said it had faced $650 million in headwinds from the NBN and a $380 million financial hit from COVID, both of which were factored into EBITDA; however, the company believes it is on track to meet 80 per cent of the targets of its four-year T22 strategy.

Andy Penn, Telstra.

CEO Andy Penn has hailed the results as a “turning point” in the company’s financial fortunes.

“We are clearly building financial momentum and I am very pleased to be able to say that our underlying business will return to full-year growth in FY22.

“We have confidence because we see strong performance in our mobile business, continued discipline on our cost reduction target, green shoots in some of our growth businesses and a diminishing impact from the NBN,” he said.

According to Penn, Telstra has simplified and become leaner and more digitally focused.

“We have 8.8 million services on our 20 new simplified fixed and postpaid mobile Consumer and Small Business plans.

“We also have 3.5 million members signed up to our rewards program, Telstra Plus, and we are seeing strong engagement from these customers,” he said.

The company this year sold part of its Poles and Wires business, and has seen strong growth in Foxtel, Telstra Health, and Telstra Ventures, while operating expenses dropped 10.2 per cent for the year.

It has forecast a return to full-year growth in 2021-22.



You may also like
Telstra
Telstra Hits Back At Claims It Is Overcharging
Has Vodafone Just Tested The Service That Could Kill Off Telstra & Optus In The Future?
Telstra Trials Satellite Smartphones
Telstra Partners With SpaceX’s Starlink To Test Satellite-To-Mobile Technology
The Future Of Foxtel Under DAZN Ownership Could Be All About Sport & Entertainment Streaming Apps

Popular Posts

LG Undertakes Another Appliance Recall After House Fires & Pets Killed
Latest News
/
/
EXCLUSIVE: Audio Connection Takes On French Audio Brand, Third Distributor In 4 Years
Latest News
/
/
Hackers on computers wearing face masks. Image: Microsoft Copilot
Urgent Upgrade Of Netgear Routers Recommended
Latest News
/
/
Amazon Struggling To Cope With AI Demand
Latest News
/
/
EXCLUSIVE: Yamaha Responds To Rumours That They Are Set To Quit The AV Market
Latest News
/
/

Digital Magazines

Recent Post

LG Undertakes Another Appliance Recall After House Fires & Pets Killed
Latest News
/
//
Comments are Off
LG is facing another product recall, this is the same appliance manufacturer the Australian Competition & Consumer Commission, were forced...
Read More