Telecom New Zealand has announced a 14% year-on-year rise in adjusted net profit for the three months ending 31 March 2009, up to NZD159 million (USD94.2 million). The company benefited from a 52% drop in income tax expenses for the period, as well as dividends from half-owned cable company, Southern Cross. Revenues for the quarter rose by NZD12 million to NZD1.4 billion with EBITDA of NZD478 million. Operating expenses were NZD921 million, a NZD3 million rise on 3Q 2008. Telecom CEO Paul Reynolds said, ‘In a quarter of continued delivery for our customers, Telecom has again improved its market competitiveness through many enhancements to customer service and experience, greater product offerings and improved reliability. Further, we have met our far-reaching commitments and all key capital investment programmes have remained on track. The stronger performance in this quarter reflected the Southern Cross dividend and a significantly lower cost of sales in mobile as we prepared for the launch of our new mobile network in May.’
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