Chorus reported an annual profit up 24 percent on the year earlier. Net profit climbed to $113 million up from $91 million in 2016. Revenue grew three percent to $1.4 billion. Expenses fell 6.7 percent to $388 million.
The company says it was helped by a increase in the regulated price of copper connections. In a statement to the NZX it says: "Chorus's financial results for 2017 were underpinned by a strong focus on costs as we streamlined copper provisioning processes and began capitalising labour expenses relating to certain fibre provisioning costs."
During the year Chorus faced increased competition from Spark which has moved customers onto its fixed wireless network cutting Chorus out of the deal.
That move helped Spark boost its margins. Earlier in August the company reported a 13 percent increase in profits. In part that was driven by higher margins with 84,000 taking up fixed wireless broadband.
Chorus was always going to lose customers as people in non-Chorus fibre areas move from copper to other service providers. Spark's wireless offer increased the decline in connections. During the year copper connections fell 7 percent to 1.6 million and broadband connections were down 3 percent at 1.2 million.