Australia's biggest telco reports healthy profits
Updated
Australia's telecommunications giant Telstra says it has come in ahead of its competitors with a rise in annual profit
Telstra says net profit for 2008 has risen almost 14 per cent to $US3.2 billion on higher sales.
The company says it expects revenue growth to increase by up to four percent in 2009.
Telstra chief executive, Sol Trujilo, says the company's transformation strategy has worked.
"All the way from mobiles to ip, from consumer to business, results are flowing now through our financial performance."
Meanwhile, Australia's biggest bank, the Commonwealth Bank, says after tax profit rose 7 percent to $US4.16 billion in 2008, despite the economic slowdown and stockmarket turmoil.
