Thursday 10th August 2017
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Network provider TeamTalk says full-year profit was more than double the guidance it gave in March, largely reflecting the sale of 70 percent of BayCity Communications to Vodafone New Zealand.
Net profit was between $4.7 million and $5.1 million in the 12 months ended June 30, the Wellington-based company said in a statement. That exceeds the $2 million-to-$2.4 million guidance it gave on March 1 when it released its first-half results. It posted a $1.3 million loss in 2016.
In April, TeamTalk shareholders approved a deal where Vodafone would pay $10 million for a 70 percent stake in BayCity, which operates the Farmside rural broadband and satellite services, with an option to buy the remaining 30 percent holding for $3 million.
TeamTalk is scheduled to release its full-year results on Aug. 23. Its shares last traded at 72 cents and have jumped 50 percent in the past 12 months.
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