Exceptional lifts Star Telecom half
Star Telecom International Holdings managed to turn a small operating profit for the June half, erasing a large operating loss last year.
The pre-exceptionals operating profit of $1.76 million for the six months to June 30 compared with a $40.45 million operating loss before exceptionals for the same period last year.
With an exceptional item taken into account, the result was even further improved. Profit attributable to shareholders was $141.34 million, compared with a $3.23 million bottom line profit last year that was also flattered by exceptionals.
The improvement in profitability came despite a 17 per cent drop in turnover compared with last year to $236.25 million. In line with last year, the company did not declare an interim dividend.