Telstra writes down $139m on China WAP business

Fiona Chau
24 Dec 2010
00:00

Australian incumbent carrier Telstra expects to record an impairment charge of A$138 million ($138.3 million) against the carrying value of its Octave business in China.

The decision followed a review of its Asian assets.

Octave comprises ChinaM, a supplier of consumer mobile content, and Sharp Point, which provides technical services for China Mobile’s central mobile music platform.

Telstra acquired a 67% stake in the businesses in February 2009 for A$259m.

The telco first highlighted a potential impact on the Octave business in August, following regulatory rulings that were expected to constrain the WAP market in China.

Telstra said the write-down won’t “affect guidance, which explicitly excluded asset impairments and proceeds from asset sales.”

Related content

Follow Telecom Asia Sport!
Comments
No Comments Yet! Be the first to share what you think!
This website uses cookies
This provides customers with a personalized experience and increases the efficiency of visiting the site, allowing us to provide the most efficient service. By using the website and accepting the terms of the policy, you consent to the use of cookies in accordance with the terms of this policy.