August 22, 2017 / 10:58 PM / a year ago

Australian telco Vocus cuts dividend to manage debtload

SYDNEY Aug 23 (Reuters) - Australia’s No. 4 internet company Vocus Group Ltd said on Wednesday it would cut its dividend and consider selling assets to manage its debt load as annual underlying profit fell short of the company’s own guidance.

Vocus reported A$152.3 million in full year profit, higher than last year’s A$101.7 milion but missing its own forecasts, as increased financing costs outweighed higher revenues. Vocus said on Monday two competing bidders had pulled separate but matching takeover bids valuing the telco at A$2.2 billion.

The company had previously expected full-year underlying profit between A$160 million and A$165 million and flagged the profit miss last week in its third earnings downgrade since November.

It scrapped its final dividend on Wednesday.

Reporting by Paulina Duran

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