Telecom says expects $145-150 million first quarter profit

The result is a 7.4 percent to 11.1 percent improvement on the $151 million net profit posted for the first quarter of last year, after adjusting for cross-border lease gains, capacity sales and amortisation of goodwill, Telecom said.

Telecom is due to report its first quarter result on November 12, but decided to release the earnings estimate today to curtail the wide range of estimates being bandied around the market.

The company said it was comfortable with market forecasts for its full year result.

"The current range of full-year earnings estimates is believed to be $676 million to $760 million. Telecom expects the full year result to be within this range," it said.

Shares in Telecom closed today up 8 cents at $5.22 -- a four-month high. The stock accounts for a hefty 22 percent of the benchmark top forty index.

The profit announcement was made after the local market had closed.

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