August 14, 2019 / 10:46 PM / 2 months ago

Australia's Telstra profit slumps, flags up to A$1 bln impact from NBN rollout

Aug 15 (Reuters) - Australia’s Telstra Corp reported a 40% drop in annual net profit on Thursday as its high-margin fixed line business shrunk and said its fiscal 2020 will be impacted by up to A$1 billion ($674.90 million) due to the rollout of government-owned National Broadband Network.

Net profit for the year ended June 30 fell to A$2.15 billion from A$3.59 billion a year earlier.

The country’s largest telco said fiscal 2020 could be the “biggest in-year NBN headwind”, with a negative impact of between A$800 million to A$1 billion.

$1 = 1.4817 Australian dollars Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur

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