TeamTalk says full-year profit was $4.7m-$5.1m
The profit was more than twice the guidance.
Network provider TeamTalk says full-year profit was more than double the guidance it gave in March, largely reflecting the sale of 70 percent of BayCity Communications to Vodafone New Zealand.
Net profit was between $4.7 million and $5.1 million in the 12 months ended June 30, the Wellington-based company said in a statement. That exceeds the $2 million-to-$2.4 million guidance it gave on March 1 when it released its first-half results. It posted a $1.3 million loss in 2016
In April, TeamTalk shareholders approved a deal where Vodafone would pay $10 million for a 70 percent stake in BayCity, which operates the Farmside rural broadband and satellite services, with an option to buy the remaining 30 percent holding for $3 million.
TeamTalk is scheduled to release its full-year results on Aug. 23. Its shares last traded at 72 cents and have jumped 50 percent in the past 12 months.
(BusinessDesk)
Jonathan Underhill
Thu, 10 Aug 2017
Thu, 10 Aug 2017
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