NZ's Telecom to change name to Spark
- 21 February, 2014 08:58
Telecom is to change its name to Spark, the company has announced.
The new name better reflects the company's new direction, says chief executive Simon Moutter.
"As a company we've moved far beyond the home telephone. Spark better represents what we are today - it is all about digital services, fibre, mobile, data, cloud, entertainment, apps, or whatever new technology is around the corner," he said on Friday.
The name change will take place later this year.
Telecom was formed as a state-owned enterprise from the breakup of the New Zealand Post Office in 1987 and was privatised in 1990.
For years it was the largest listed company in New Zealand and business commentator Brian Gaynor reflected in 2006 that Telecom's poor share price performance was dragging the market down because it had a big weighting in the NZX 50 Index. It had an index weighting of 25.1 per cent at the time.
The network arm was later separated to form Chorus.
Telecom on Friday announced that net profit increased to $NZ167 million ($A155.07 million), or eight NZ cents per share, in the six months ended December 31 from $NZ163m, or nine NZ cents, a year earlier. That's just short of the $NZ172m profit forecast by First NZ Capital.
Earnings before interest, tax, depreciation and amortisation from continuing operations fell 5.8 per cent to $NZ452m, while operating revenue from its remaining business slipped three per cent to $NZ1.85 billion.
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