Telstra profit dives, cuts dividend, $600 m NBN impact. I speak with Telstra chief executive Andy Penn

Telstra has reported a 40 per cent collapse in its full-year profit to $2.15 billion. 

But the result was roughly in line with market expectations given the ongoing $600 million hit to earnings caused by the NBN rollout. 

Telstra shares fell 1.4 percent with falls amplified by the broader sharemarket plunge. 

Telstra chief executive Andy Penn speaks with ABC's Peter Ryan.