Efficient i-Cable’s profit grows on shrinking revenues

12 Mar 2008

Hong Kong-based cable network operator i-Cable has reported its full-year operating and financial results for 2007, in which its cable TV subscribers increased by 96,000 to 882,000 (placing it neck-and-neck with pay-TV rival PCCW), but cable broadband internet customers and VoIP telephony users decreased by 22,000 and 9,000, respectively, to 306,000 and 159,000 at the end of December. Consolidated annual revenues fell by 10% to HKD2.304 billion (USD296 million) whilst net profit inched up 1% to HKD183 million. Total CAPEX was 13% less than in 2006, at HKD175 million. Operating profit at i-Cable’s Internet & Multimedia division (non-TV operations including telephony and broadband) leapt by 40% year-on-year to HKD180 million in 2007 on turnover that shrank by 1% in the twelve-month period to HKD588 million, a feat which the operator attributed to improved efficiency.

Hong Kong, i-Cable (formerly HKCT)