Earnings impacted by increasing competition: Chorus reported a net profit after tax (NPAT) of $113m and earnings before interest, tax, depreciation and amortisation (EBITDA) of $652m for the year ended 30 June 2017. Operating revenue for the period was $1,040m (FY16: $1,008m) and operating expenses were $388m (FY16: $414m). Depreciation and amortisation for the period was $339m (FY16: $327m) with earnings before interest and tax (EBIT) of $313m (FY16: $267m). Chorus’ financial result for 2017 was underpinned by a strong focus on costs as it streamlined copper provisioning processes and began capitalising labour expenses relating to certain fibre provisioning costs. However, Chorus’ FY17 EBITDA declined relative to adjusted EBITDA for FY16 of $677 million, led by reduction in revenue as other fibre companies continued to gain connections in their fibre rollout areas. The company expects FY18 EBITDA to be $625 – $650 million and capital expenditure of $780 – $820 million. The stock thus declined 6.5% on 29 August 2017 after the company announced its annual results.