In Brief: Telecom N.Z. not ready to sell AAPT unit

May 5, 2006

New Zealand Telecom has reportedly backed away from plans to sell its Australian unit, AAPT.

Telecom apparently could not find a suitable buyer for its struggling subsidiary and was not ready to concede defeat in the tough Australian wireless market.

Asia-Pacific telecoms have been circling the waters for several months as AAPT found itself stuck between soft retail prices and high costs for wireless infrastructure access.

Telecom Thursday reported third-quarter earnings for AAPT down 8.1 percent, although operating expenses fell 5.7 percent to $329 million.

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