Optus tops 125,000 broadband customers
Optus has announced that its residential broadband customer base has grown to 125,000, and is growing at 1000 new customers a week. The broadband product, known as OptusNet Cable, is available in Sydney, Melbourne and Brisbane. Managing director of Optus consumer and multimedia, Martin Dalgleish, said consistency was the key to sustained growth and predicted the current growth rate would continue. “We don’t charge for excess downloads and the product is simple to understand as well as easy to use,” he said. Optus anticipates that one in 10 homes in Sydney, Melbourne and Brisbane will be serviceable by the cable network by early next year, based on current run rates.
Nortel reports profit
Nortel Networks made a profit of about $US179 million, or $0.04 per share, in the third quarter of 2003, according to selected preliminary results. The profit surpassed the forecasts analysts had given, which suggested Nortel would break even in earnings per share, on revenue of $US2.33 billion. Revenue for the quarter ended September 30 came in at $US2.27 billion. The telecommunications and network equipment maker has also said it will restate its financial results for 2000, 2001, 2002 and the first two quarters of 2003 as part of an ongoing review of its assets and liabilities. The restatements should reduce the losses Nortel reported in 2000 through 2002 and increase shareholders’ equity and net assets as reported on its balance sheet on June 30, 2003, the company said. In the wake of a long downturn in telecommunications and networking investment over the past few years, customer spending overall remains cautious, Nortel president and chief executive officer, Frank Dunn, said.