New Zealand's Telecom Corp. announced a 60 percent drop in first half net profit to 162 million New Zealand dollars ($85 million) Friday, but the company's chief executive said revenues remained "relatively resilient" in a slowing economy.
Net profit for the six months to Dec. 31, 2008, compared with NZ$397 million for the same period last year as increased capital expenditure forced by regulatory change impacted on the bottom line, said Telecom, New Zealand's largest listed company.
Chief executive Paul Reynolds said guidance of adjusted group net profit of NZ$460 million to $500 million ($241 million to $262 million) for the full year was …
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