Australia’s Telstra posts 3.2% rise in annual profit, unveils further $706 million buyback
Australia’s Telstra Group announced an additional share buyback of up to A$1 billion ($705.90 million) on Thursday and reported a 3.2% rise in annual profit, driven by growth in its mobile business and higher customer spending.
The telecom firm posted attributable profit of A$2.24 billion for the year ended June 30, up from A$2.17 billion a year earlier but below a Visible Alpha consensus estimate of A$2.30 billion.
Telstra announced the further share buyback after completing an A$1.25 billion repurchase programme in June, citing earnings growth and balance-sheet strength.
