Australia’s second biggest telco, Optus, has suffered a slide in profit and revenues during the first quarter of its financial year.

Optus’s net profit dipped 1.8 per cent to $164 million in the three months to June 30.

The result was dragged down by exceptional items related to the restructure of its workforce, which saw it cut 350 jobs in May.

Stripping out those extra costs, underlying net profit rose 12.3 per cent to $187 million.

However, operating revenues at the telco, which is owned by Singapore’s SingTel, fell 2.8 per cent to $2.06 billion.