New World releases interim results

16 Mar 2007

Telecoms turnover in the six months to December 2006 at Hong Kong conglomerate New World Development fell to HKD491.7 million (USD62.9 million) from HKD1.49 billion a year earlier, mainly due to the restructuring of its domestic joint venture assets. New World Developments owns 23.6% of Hong Kong-based cellco CSL New World Mobility, with the other 76.4% held by Australia’s Telstra. The merger of the former CSL and New World Mobility was completed in April 2006, creating Hong Kong’s largest mobile operator by subscribers, with over 2.55 million GSM users at the end of 2006. New World also owns Hong Kong wireline and broadband service provider New World Telecom, which posted a loss in the period under review due to intense fixed line competition.