Telstra lifts profit and growth estimates

Telstra has raised its 2008 profit forecast and its long-term growth estimates, as cost-cutting and increased revenue from 3G boosted its outlook, writes Reuters. The former government-owned monopoly is two years into a five-year overhaul to reduce costs, boost margins and reduce dependence on shrinking revenue from fixed line phones. The company has lifted its long-term objectives for both revenue and EBITDA growth to a range of 2.5%-3% a year, up from a previous forecast of 2%-2.5%.