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Strategies & Market Trends : Australian Shares and ADRs -- Ignore unavailable to you. Want to Upgrade?

To: Paul Corbett who wrote (57)	8/26/1998 4:20:00 AM
From: Paul Corbett	Read Replies (1) \| Respond to of 96

Telstra Corp Ltd today announced its first full year results as a listed company. Net profit for the year came in at $3.0 billion, well ahead of the previous years results of $1.62 billion and ahead of prospectus forecasts. Chief executive Frank Blount said the trends underlying the good performance are expected to continue in 1998/99. A final dividend was declared at 7c as expected, but there was no special dividend announced. The market was expecting a special dividend of around 10c and had factored this into Telstra's price. The company said that the appropriate use of capital would be considered by the board from time to time as part of the company's normal strategic planning. Whilst this did not rule out a special dividend in the future, it could not mask the market's disappointment over the lack of a payout now. Telstra shares were sold down after the announcement, finishing 14c lower at $4.47