Telstra reporting a result above many analysts forecasts

Telstra reporting a result above many analysts forecasts. Net profit of $4.27 billion was up 14.3% from last year. Adjusting for one-offs, NPAT rose by 8.3%. Importantly, a dividend of 15cps was declared. Given that Telstra's dividend is supported by defensive cash-flows and the NBN payments TLS should continue to find favour in a yield thirsty environment. Mobile revenue grew by about 6% in a flat broader market, and TLS was also able to maintain margins. Increased competition is the key risk in future, however, the company has a long history of dealing with the challenges in these markets. Guidance was for low-single digit growth for the next 12 months. At 16x forward earnings it appears investors are seeking yield rather than growth from TLS.