PCCW reports first annual profit since 2001

31 Mar 2005

PCCW, Hong Kong’s largest wireline company, has reported a 2004 net profit of HKD1.64 billion, compared to a loss in 2003 of HKD6.1 billion. 2003 results were adversely affected by a decision to write off much of the value of its stake in undersea cable company REACH. Turnover for the year rose 2% to HKD22.9 billion, although operating profit dropped six percentage points as a result of a 12% decline in local telephony sales to HKD5.3 billion. The company estimates its market share of the Hong Kong fixed line telecoms market to be 68% at the end of 2004, down from 73% a year earlier.

Hong Kong, HKT (incl. CSL), PCCW Group