City Telecom (HKBN) announces annual results

19 Nov 2008

City Telecom, including Hong Kong Broadband Network (HKBN), has announced its financial and operating results for its fiscal year ended 31 August 2008. The fixed line and broadband operator’s consolidated turnover grew by 14.2% year-on-year to HKD1.303 billion (USD168 million) due to strong performance of its Fixed Telecommunications Network Services (FTNS) business, which now takes precedence over City’s traditional IDD business. Net profit was more than tripled year-on-year to HKD125.2 million, driven by record high FTNS profitability. FTNS turnover increased by 23.8% year-on-year to HKD1.011 billion, with subscriptions growth of 118,000 to a total of 801,000 fixed network service users in the year. HKBN reported that it reached 156,000 IPTV subscribers at the end of August (up by 21.9% year-on-year and an increase of 20,000 over the previous six months), whilst it reached 316,000 high speed internet access customers, with addition of 37,000 customers in the six months to end-August and a 27.9% y-o-y increase. It also saw 6.8% y-o-y growth in its fixed voice line subscription base to 329,000 as of 31 August 2008.

Hong Kong, Hong Kong Broadband Network (HKBN)