PCCW reports loss for 2003; writes off Reach stake

5 Mar 2004

Hong Kong’s biggest fixed line carrier PCCW has reported a loss of USD782 million for the full yea 2003, after it wrote off its 50% stake in loss-making undersea cable venture Reach. The write-off came after Telstra, PCCW’s joint partner in Reach, disposed of its own stake in the venture in late 2002. PCCW said it knew that the business would have to be written off sometime, and is positive that no more money will be put into Reach. It made an impairment loss of USD533 million on Reach.

Hong Kong, PCCW Group