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Telstra on track to post A$1b in China within five years

By Li Weitao (chinadaily.com.cn)
Updated: 2009-03-03 13:50

Australia's largest phone company Telstra Corp said on Tuesday that it is on track to post annual revenues of A$1 billion ($641 million) within five years though its helmsman Sol Trujillo, who initiated a slew of acquisition activities in China since his appointment as chief executive officer (CEO), is leaving the company.

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The firm is also aiming to realize a profit margin of 30-40 percent as the Chinese market offers unprecedented opportunity despite a global economic crisis, a company spokesperson was cited by Chinese Internet portal Sina.com as saying on March 3.

Telstra has been on a buying spree in China's Internet sector since Trujillo was appointed CEO in July 2005.

The company acquired a 51 percent stake at SouFun Holdings Ltd, China's largest real estate and home furnishing website, for $254 million in August 2006. In 2008 it acquired two Chinese Internet businesses in the online auto and digital device advertising sectors.

Earlier this year Telstra bought two Chinese mobile phone content operations for $302 million.