Company Results

Telecom shares are stable despite reduced profits

Telecom's share

Despite a 59% drop in the profits, Telecom's share prices remained largely stable after the announcements of the results. This year the company registered a profit of $163 million, for the six months, as compared to $397 million in the previous year.

Telecom Chief Executive, Paul Reynolds, said that despite the slowing economy the company focused in the broadband, mobile and ICT areas and its revenue increased

ASB Bank warns on dividends after profit dip

ASB Bank

11% drop in ASB Bank's profits, as the bank reported a $238m operating profit for the six months to December 2008.

The drop further includes a $41 million that also includes loss that grew from applying new global accounting rules.

In 2007 the profits during the same period were $267 million.

ASB chairman Gary Judd said, "Total bank assets increased by 16.3 per cent, with lending balances rising 8.6 per cent."

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