i-Cable swings to loss

16 Mar 2009

Hong Kong cable broadband operator i-Cable swung to a net loss of HKD111 million (USD14.3 million) for full-year 2008, compared with a net profit of HKD183 million in 2007, which it attributed to tough competition in the pay-TV, internet and telephony markets. Consolidated revenues fell 10% in the year to HKD2.08 billion, despite basic cable TV subscribers increasing by 4% year-on-year to 917,000 at the end of December. Operating profit fell to HKD277 million from HKD545 million in the previous year, partly caused by network and other operating expenses rising by 16% to HKD487 million, whilst marketing, administration and general expenses reached HKD423 million, up from HKDK390 million in 2007.

Hong Kong, i-Cable (formerly HKCT)