Telstra admits depreciation of JV in Asia will affect profit performance

Ziggy Switkowski, CEO of Telstra, said the depreciation of joint-venture in Asia will affect annual results of the company in 2001 and 2002. But he also said the profit from Reach, the subsidiary of the company which engages in business of submarine cable distribution, and some unusual income are enough to offset negative influence caused by depreciation. He said except for JV in Asia, the performance of the company is in line with forecast when issuing profit warning last month. Annual rate and pre-tax profit were up about 5.5% and income from core business, up 3.4%.

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