Spark New Zealand slumps most in 3 yrs as margin pressures hit core profit

Spark New Zealand

22/02/2023 03:36

** Shares of Spark New Zealand Ltd  SPK.NZ  slide as much as
7.6% to NZ$4.88, set to mark worst day since March 23, 2020
    ** Telecommunications firm says higher product costs and
intensifying competition in broadband and cloud contributed to
margin pressure in the half, with adjusted EBITDAI down 5.2% to
NZ$510 mln ($317.93 mln)
    ** Says HY broadband revenue fell 3.4% to NZ$313 mln as
Spark’s FY22 price refresh rolled through
    ** Notes, margins were also squeezed through inflationary
input cost increases that occurred during the half year 
    ** Stock hits lowest since July 8
    ** More than 3.5 mln shares change hands, almost twice the
30-day average volume 
    ** Stock down 2.2% this year, as of last close
($1 = 1.6041 New Zealand dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))