OPTUS FY20 Profit falls 39% | ASX Market Update

May 30, 2020 05:52 PM AEST | By Team Kalkine Media

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Optus says the full-year net profit delivered to its Singaporean parent company Singtel dropped 39 percent to $402 million as more customers opted for SIM-only phone plans and data price competition intensified. Revenue for the 12 months to March 31 dropped 2.0 percent to $8.95 billion as higher NBN migration revenue offset lower equipment and service revenue.

Atlas Arteria has successfully completed its $420 million placement, saying it was oversubscribed due to strong demand from domestic and offshore institutional investors. The toll road operator placed about 67.7 million new securities at $6.20 a share, a 7.5 percent discount on its last traded price. The company aims to raise $75 million through a security purchase plan

US consumer spending suffered another month of a record decline in April as the COVID-19 pandemic undercut demand, buttressing expectations that the economy could contract in the second quarter. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of US economic activity, plunged 13.6 percent last month.

#ASX #Optus #profits #Kalkine

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