WELLINGTON, Aug 25 (Reuters) - New Zealand telecommunications network operator Chorus Ltd’s year profit fell 13 percent, the company said on Monday, making no dividend payout as it moved to bolster itself ahead of regulator-imposed controls on broadband prices.
The company posted a net profit for the year to June 30 profit of NZ$148 million ($124.11 million) compared with last year’s NZ$171 million figure. Analysts on average had forecast a profit of about NZ$149 million.
It had already said there would be no dividend against last year’s 15.5 cents payout.
The company is shoring up its finances ahead of price controls at the end of the year on what it can charge internet service providers to access its network.
It has said the controls will hit its earnings by up to NZ$1 billion over the next six years, and might jeopardise its ability to build 75 percent of the government sponsored ultrafast broadband network. (1 US dollar = 1.1925 New Zealand dollar) (Writing by Gyles Beckford, editing by David Evans)