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Kordia FY profit up 33 per cent

NZ NewswireNZ Newswire 28/08/2016 Pattrick Smellie

State-owned telecommunications service provider Kordia has increased tax-paid annual profit by 33 per cent to $12.3 million, thanks in part to a focus on completing profitable projects in the Australian market.

Revenue for the year to June 30 fell 3 per cent to $240.7m, with a reduction in total Australian revenues of 8 per cent offset somewhat by a 3 per cent rise in total billings in New Zealand.

"The substantial growth in profitability was realised through a strong result from New Zealand operations and the completion of large scale projects in Australia," said chairwoman Lorraine Witten on Monday.

The company has yet to publish full financial accounts.

It had maximised the profitability of its Australian contracting, engineering and consulting businesses and completed substantial design work on infrastructure projects which were now either complete or close to fruition, meaning "a more muted performance" was anticipated from Australian operations in the year ahead.

Dividends derived in the last financial year are expected to total $13.5m, with the board to sign off a $7.5m final dividend next month and includes payment of a $5m special dividend last October.

During the year, Kordia purchased a cyber security firm in New Zealand, Aura Infosec, to add to its range of services aimed at delivering what it describes as "mission-critical networks for business customers".

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