Telstra revealed it plans to hold on to its InfraCo unit, as it issued numbers for its fiscal 2023 (to 30 June) showing gains driven by its mobile and international business.

CEO Vicki Brady (pictured) explained in its earnings release it decided maintaining the current ownership structure for InfraCo Fixed was the best strategy.

Telstra believes “the greatest value to be created for shareholders” lies in maintaining the InfraCo Fixed status quo “for at least the medium term”, Brady said.

Brady noted fiscal 2023 results indicated Telstra is on track to deliver the majority of its T25 strategy objectives.

“While our cost reduction ambition is being challenged by high inflation, we still expect to achieve the large majority of this by FY25.”

Net profit grew 13 per cent year-on-year AUD2.1 billion ($1.3 billion) and revenue 5.4 per cent to AUD23.2 billion.

Mobile service revenue increased 7.9 per cent to AUD7.8 billion on roaming and post-paid ARPU gains.

Handset sales grew 12.1 per cent to AUD2.4 billion.

Post-paid ARPU increased 6.1 per cent to AUD51.69 and prepaid fell 2.1 per cent to AUD24.68.

Prepaid subscribers rose 8.3 per cent to 3.6 million and post-paid 1 per cent to 8.8 million.

Fixed-line revenue for enterprises fell 1.6 per cent to AUD3.6 billion.

International operations grew 62 per cent to AUD2.4 billion, boosted by an acquisition of Digicel Pacific in 2022.

Telstra ended June with 5G population coverage of 85 per cent, with 41 per cent of mobile traffic running on its next-generation network.

It predicted revenue to remain flat or grow 7 per cent in fiscal 2024, with capex to remain in the range of AUD3.6 billion to AUD3.7 billion.