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New Zealand's communications giant almost doubles yearly profit

WELLINGTON--Spark, New Zealand's largest telecommunications company, posted a 93.3 percent rise in annual net profit on Friday, with one-off items preventing the carrier slipping into negative territory.

The company, which changed its name from Telecom Corp. earlier this month, said net profit for the 12 months to the end of June was NZ$460 million (US$386 million).

However, factoring in one-off items, including the sale of its Australian business AAPT and a restructuring charge that weighed on last year's accounts, Spark's adjusted net profit was down 7.7 percent at NZ$323.

Total operating revenues dipped 2.6 percent to NZ$3.64 billion but the company said it expected “modest” revenue growth in the current year as Spark continued to expand its mobile business.

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