New Zealand - Telecom New Zealand's FY earnings hit NZD 388 mln.

Telecom New Zealand grew its net income in the year ended 30 June as revenues dropped. EBITDA rose 2.1 percent to NZD 1.80 billion for the full year from NZD 1.76 billion a year earlier. Adjusted revenue was NZD 5.10 billion, down 3.2 percent from NZD 5.27 billion, while adjusted expenses, at NZD 3.30 billion, decreased faster, by 5.8 percent. Telecom New Zealand posted net earnings of NZD 388 million, up 1.6 percent from NZD 382 million in FY 2010. Telecom announced a number of one-off adjusting items which have not been included in the adjusted income statement. The items include an NZD 18 million gain on the sale of AAPT …