Telstra releases FY19 results
Australian telecommunications company Telstra has released its results for the 2019 financial year.
The company described the results as being in line with expectations as they pursue their T22 strategy to reduce costs and monetise assets.
A highlight of the release was the growth in customers, with 378,000 new customers added in retail mobile services.
“FY19 has been a pivotal year for Telstra,” said Telstra CEO Andrew Penn in the company’s 15 August press release. “Notwithstanding the intense competitive environment and the challenging structural dynamics of our industry, it is a year in which I believe we can start to see the turning point in the fortunes of the company from the changes we have embraced.”
“We completed our strategic investment program announced in 2016 to digitise our business and create the networks for the future, delivering over $500 million of EBITDA benefits. We passed the halfway mark of customers migrating onto the nbn network. We launched 5G, the next generation of telco technology and the platform for future growth for us and our customers. And at the start of the year we commenced our T22 strategy, where we have made very significant progress.
The launch of 5G was described as pivotal to the future of the business, with Telstra having beaten other providers to the punch.
“Our customers can now enjoy the benefits of our leading position in 5G,” said Penn. We are the only provider in Australia to have commercially launched 5G services. We are rolling out 5G in 10 cities around Australia. Over the next 12 months we expect our 5G coverage to increase in area almost five-fold and reach into at least 35 Australian cities. Through our strong partnership with manufacturers, we were able to offer Telstra customers some of the world’s first 5G devices.”