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Telstra profit jumps, announces share buy-back increased dividend
Thursday, 11 Aug 2016 06:52:49 | Stephen Letts
Telstra has promised to spend up to $3 billion to improve its network reliability. (Greg Wood: AFP)
Telstra has delivered a 36 per cent jump in full-year profit to $5.8 billion and announced a $1.5 billion share buy-back in addition to an increased dividend.
The record profit was pumped up with $1.8 billion from the sale of a large tranche of shares in the Chinese online car trading businesses Autohome.
Removing one-off items, earnings before tax, interest, depreciation and amortisation (EBITDA) increased 2.6 per cent to $11 billion, in line with the company's previous guidance and analyst expectations.
Free cash flow was reported as $4.8 billion.
With capital building up Telstra said it would return $1.5 billion to investors through a share buy-back and edge up the full-year dividend to 31 cents per share, up from 30.5 cents in 2015.
Telstra CEO sorry for outages, promises $3b network spend
Telstra chief executive Andrew Penn said, while the company had performed well in adding customers, it had let many down with poor service.
The comment follows a series of widespread outages that have plagued the carrier's mobile and internet customers since January.
"Work still needs to be done to improve our systems and processes that can cause customer frustrations and delay," Mr Penn said.
Mr Penn said the company would invest up to an extra $3 billion over the next three years on network upgrades.
"We know that customers expect more from us as their reliance on smart devices continues to grow," Mr Penn said.
"This is why improving the customer experience is paramount, and why our network interruptions in the second half were so disappointing.
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