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Telstra claims 85% 5G coverage as profit rises to $2B

Telstra claims 85% 5G coverage as profit rises to $2B

Revenue lifts by 6.7 per cent to $21.2 billion.

Vicky Brady (Telstra)

Vicky Brady (Telstra)

Credit: Telstra

Telstra is claiming it has hit 85 per cent 5G population coverage across Australia as it posts an uplift in revenue and profit for the financial year 2023. 

The country’s largest telecommunications provider told shareholders that 41 per cent of its mobile traffic is now on 5G. 

The 5G growth comes as Telstra’s net profit after tax reaches $2.1 billion for the year ended 30 June, a rise of 13 per cent from $1.8 billion in 2022. 

Telstra’s revenue for the year reached $23.2 billion, a 6.7 per cent rise from $21.2 billion in 2022.  

Broken down, Telstra’s Consumer and Small Business (C&SB) division gained the largest revenue share of $12.6 billion. This was followed by its Enterprise unit, which posted $7.9 billion, which included $719 million from Digicel Pacific, which Telstra acquired in 2021. 

Telstra’s Networks, IT and Product divisions posted the lowest amount with $400 million but the strongest growth of 37 per cent. The recently launched Telstra InfraCo saw 3.8 per cent growth to $3.7 billion. 

Meanwhile, Telstra’s mobile income increased by 8.3 per cent to $10.2 million including 7.9 per cent services revenue growth and 12.1 per cent hardware growth. 

The telecommunications company’s total mobile coverage at the end of FY23 was 2.72 million square kilometres, after adding 80,000 square kilometres in the last two years. 

Conversely, fixed active wholesale income declined by 15.5 per cent to $403 million, which Telstra stated was impacted by ongoing migration to the NBN network and legacy product decline. Fixed enterprise income also declined, falling by 2.5 per cent to $3.6 million 

Telstra’s earnings before Interest, tax, depreciation and amortisation (EBITDA) also hit $7.9 billion, an 8.4 per cent rise from FY2022’s $7.2 billion. 

“Telstra's T25 strategy was on track overall, including its growth ambitions in underlying EBITDA,” Telstra told shareholders in its annual report. 

“Our mobiles business remains central to our growth and continues to perform very strongly. Our infrastructure, international, Consumer and Small Business (C&SB) fixed line and health businesses also grew earnings. At the same time, there are aspects of our Enterprise fixed business that are experiencing headwinds. We remain disciplined on reducing our costs, particularly considering the external economic environment.” 

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