PCCW announced first dividend since 2000

27 Aug 2004

Hong Kong’s biggest telecoms group PCCW is preparing to pay out its first dividend in four years, despite reporting flat revenues. PCCW has been in talks about the possibility of selling a stake in its business to China Netcom, as it looks to diversify its business and find new ways to offset falling sales in its fixed line businesses. Revenue from PCCW’s core telecoms operations declined 11% year-on-year to HKD7.5 billion (USD962 million), whilst its market share had fallen three percentage points to 70.4% in the six months to the end of June. However, total group revenues remained unchanged at HKD10.73 billion, buoyed by a 37% increase in turnover at its property business. Net profit was up 15% to HKD805 million, leading the group to declare an interim dividend of HKD0.055 per share.

Hong Kong, China Netcom, PCCW Group