Telstra’s half-year profits are out and the news isn’t so great.

Half-year profits are down by 5%, with the company recording a headline profit of $1.7 billion.

But it’s what’s happening behind those figures that are important according to Ross Greenwood.

Telstra’s CEO, Andy Penn, speaks to Ross Greenwood about the numbers and the effect the NBN has had on business.

“The consequence is…we lose about $3 billion in EBITDA (earnings before interest, taxes, depreciation, and amortisation) on an annualised basis when it’s fully rolled out and cumulatively to date we’ve absorbed about 870 million of that.”

“We take a lot of reputational damage as a consequence of the NBN.

“The main point is what we’ve got to do is make the right investments for the future.”

Click PLAY below for the full interview