Optus bets on technology to drive revenue growth

Australia's second largest telecommunications company Optus is betting on new technologies to drive revenue growth.

Despite intense market competition, Optus chief executive Paul O'Sullivan said the telco has met its full-year earnings target.

Optus today posted a 39 percent increase in underlying net profit to a record $648 million for the 2004/05 year.

Revenue grew by 8.9 percent to $6.9 million.

O'Sullivan said the company, which is owned by regional telco Singapore Telecommunications, has had to deal with a fast-changing market as customers moved away from fixed lines and dial-up Internet takeup also declined in the face of faster broadband services.

"Optus is now entering a phase of investment which is designed to deliver long-term improvements in revenue and margin growth," O'Sullivan said.

"Investments in 3G and broadband networks and a range of innovative data and content products over our 2.5G and 3G networks will return us to stronger growth in subsequent years."

The mobile division grew by 6.9 percent adding 88,000 new customers.

The business and wholesale unit grew revenue by 5.7 percent.

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