Vodafone New Zealand profit plunges

Editor Mobile

Vodafone New Zealand’s has reported a fall in profit and revenue during the year to the end of March.

According to a report filed with the Companies Office shows that the operating revenue of US$1.59 billion which symbolizes a decrease as compared to US$1.6 billion the last year.

Costs rose to US$1.14 billion from US$1.12 billion, while net profits chop down to US$121.6 million from US$177.7 million.

In August 2009 competitor 2degrees launched its operations, while Telecom launched its XT mobile network in May 2009.

The profit before tax of US$202.5 million compared to US$234.9 million last year.

From its accounts, Vodafone NZ appears to have paid a US$47 million dividend to its UK-based parent, Vodafone PLC.

Vodafone faces challenges and opportunities from the redrawn regulatory landscape. It stands to lose tens of millions from the regulation of mobile termination rates, but could gain just as much if it can win the government’s newly contestable funding for rural broadband and rural telecommunications services.

EditorVodafone New Zealand profit plunges