October 15, 2018 / 10:57 PM / a month ago

Australia's Telstra profit to halve after NBN rollout -chairman

Oct 16 (Reuters) - Telstra Corporation’s profit is expected to halve upon the National Broadband Network’s (NBN) scheduled rollout in 2021, Telstra’s chairman said in an address at its annual general meeting.

“Not a few percent, half,” John Mullen, chairman of Australia’s biggest telecom operator, said, highlighting the impact of the NBN’s rollout on Telstra’s earnings.

The company earlier said the network would hit earnings by about A$3 billion a year after its scheduled completion but had not previously flagged an impact on profit. (Reporting by Aditya Soni in Bengaluru Editing by Leslie Adler)

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