The Telecom has notified a meager net profit of $166m whereas its shares were observed to gain a hike of 11.5 cents to $2.72 in a falling market. However, Telecom's after-tax profit rolled down by 56.5% from $382 million to $166 million, for the year to June 30. Simultaneously, the revenue was observed almost 3% down to $5.12 billion whereas earnings before interest, tax, amortization and depreciation (ebitda) declined 15.5% to $1.49 billon.

The Chief Executive of the company, Paul Reynolds, said 2.8% drop in the revenues was "very respectable" given that the overall telecommunications market had not grown and customers were getting "more for less".

"We feel like the best man at a wedding who has just pulled a slightly risque joke. It was hilarious to his mates last night, but the bride's relatives didn't like it one bit. What can you do in those situations? Say sorry and move on”, added Paul Reynolds.

In addition, he said the results have reflected a strong operating performance in an increasingly competitive environment although confessed humiliation over the company's marketing campaign for celibacy, during the Rugby World Cup.

Mr. Reynolds anticipated that the Telecom will provide more information to shareholders on its proposed share market split, shortly and notified that he would continue to serve as Chief Executive.