Radio New Zealand - Te Reo Irirangi o Aotearoa

$190m profit tipped by Telecom

Updated at 3:17 pm on 8 June 2012

Telecom is on track to make a profit of nearly $190 million in the second half of this financial year on earnings of around $560 million.

But the company says it is losing more customers as rivals offer competitive broadband and mobile deals.

Acting chief executive Chris Quinn says Telecom is focussed on trying to cut costs and retain customers by giving them better deals, such as increasing data caps on broadband plans.

In a bid to reduce costs, Telecom will delist from the New York Stock Exchange in July, where 15% of its shares are held.

Telecom will not say how much the delisting will save, but says American investors will still be able to trade its shares through brokers.

Telecom shares were down 3.5 cents to $2.46 afterwards.

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