Telecommunications group Optus has incurred a $480 million annual net loss, confirming a slump in demand for traditional telecommunications services such as desk phones and a financial hit from last year’s national network outage.
The loss for the 12 months to March 31, which was more than six-fold the previous year’s $79 million loss, was mostly because of a $582 million writedown blamed on “churn and price erosion” in Optus’ enterprise business.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
