SYDNEY (AP) — Australia's largest telecommunications company, Telstra Corp., has reported a 5.4 percent increase in annual profit amid a boost in new mobile phone customers.

The former government-owned monopoly said Thursday that its net profit for the year to June 30 was 3.4 billion Australian dollars ($3.6 billion). That's up from AU$3.2 billion in the same period a year ago.

Telstra said it added 1.6 million mobile customers over the financial year. It now has 13.8 million mobile customers in Australia.

CEO David Thodey said the company has seen two years of significant customer growth, which has resulted in a strong financial performance despite shaky economic conditions across the globe.

Revenue was AU$25.4 billion, up 1.1 percent from AU$25.1 billion last year.