Spark Reports 30% Net Profit Growth Amid Cost-Cutting and Asset Sales in New Zealand
New Zealand's Spark has announced a 30% increase in net profit to NZ$73 million (US$43.8 million) for the first half, despite a 1.1% revenue decline. The company undertook significant cost-cutting measures, including the reduction of 1,300 jobs and asset disposals, leading to NZ$51 million in savings. Spark's CEO stated that the firm is implementing a new five-year strategy and plans to introduce satellite-to-mobile services within six months.
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Spark, New Zealand's largest telecommunications operator, reported a 30% increase in net profit from continuing operations to NZ$73 million (US$43.8 million) for the first half, despite a 1.1% decline in revenue. The company undertook extensive cost-cutting measures, including cutting 1,300 jobs and divesting assets, resulting in NZ$51 million in savings.
The data center sale of NZ$486 million is expected to reduce debt. CEO Jolie Hodson highlighted a focus on improving customer experience and announced plans for satellite-to-mobile services with Starlink within six months. Spark's stock closed 0.5% lower.
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