Thursday, 11 February 2021 10:14

Telstra total income, profit both down for first half of FY21 Featured

Telstra chief executive Andrew Penn: “We responded strongly to the financial headwinds created by the NBN through our T22 strategy. Telstra chief executive Andrew Penn: “We responded strongly to the financial headwinds created by the NBN through our T22 strategy. Courtesy YouTube

Telstra has experienced a drop in both total income and profit during the first half of the current year, but the telco, Australia's biggest, said on Thursday that it would pay a dividend of eight cents a share, and was hopeful of paying a further eight cents for the second half of 2020-21.

The company reported total income of $12 billion for the six months, a drop of 10.4% over the corresponding period for the previous financial year. Profit was down by 2.2% to $1.1 billion, which means the amount it pays out as dividend — $950 million — will be only slightly less than its profit.

Chief executive Andrew Penn said the results showed Telstra’s financial performance was at a turning point ahead of an anticipated return to growth in underlying EBITDA.

“After a decade of disruption following the creation of the NBN, and with its rollout now declared complete, we can clearly see the path to underlying growth ahead of us,” he said.

“We responded strongly to the financial headwinds created by the NBN through our T22 strategy. This strategy is transforming Telstra while balancing the needs of our customers, our employees and our shareholders.

We are now less than 18 months from completing T22. We have achieved an extraordinary amount and Telstra today is a leaner, more responsive, and more agile company than it has ever been.

telstra fy21 chart

“Our investment in innovation and technology, digitisation and networks, improving our customer experience and being disciplined in our capital management, mean that at the start of this decade, as Australia digitises its economy, Telstra is in a strong position to grow.

“To ensure our future success, we must recognise this moment for what it is – the time to be bold and seize the opportunities we have been patiently building towards.

"There is a lot of work ahead of us, but I remain confident we can achieve our financial ambitions including for underlying EBITDA of between $7.5 and $8.5 billion and return on invested capital of around 8% by FY23.”

The company said it had added more than 80,000 post-paid handheld mobile services with healthy performance across all segments and brands.

It also added more than 46,000 unique pre-paid handheld users, and more than 163,000 wholesale mobile services across pre-paid, post-paid and IoT

The company's 5G network expanded to cover more than 50% of the Australian population and was delivering coverage to more than 100 cities and towns, the telco said.

A million 5G mobile devices are now connected to Telstra’s network.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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