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Telecom flags 'financial forecasts' as reason for halt in ASX statement:

Thursday 15th April 2010

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Telecom has asked for a two hour trading halt on the ASX pending a material announcement “in relation to its financial forecasts.” 

The request comes after trading was halted on the NZX, amid speculation the firm may be looking to sell its under-performing AAPT unit in Australia.  

The shares, which traded for seven minutes before being halted in New Zealand, gained 0.5% to $2.25.  

Telecom has had to cut its profit forecast twice this year after problems with its much-vaunted XT mobile network forced it pay some $15 million in compensation to its customers, while the government’s overhaul of the Telecommunications Service Obligation was pegged to cost the company as much as $168 million in profit over three years.

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