Wharf T&T reports growth despite economic challenges

26 Mar 2009

Hong Kong fixed line and broadband operator Wharf T&T has reported that it gained ground in its domestic voice and data markets in 2008, despite the economic downturn. The telco, part of conglomerate Wharf Holdings, posted double-digit top line growth with earnings well exceeding expectations for the year. Its fixed line installed base grew by 14,000 to 621,000 by end-December, with business lines increasing by 33,000 to 441,000 (which it claimed gave it a market share of 18%) while residential lines fell by 19,000 to 180,000 (for a claimed 8% market share). Total outgoing IDD volume (including wholesale and retail) dipped to 647 million minutes (2007: 706 million minutes). Total turnover for the year rose by 12% to HKD1.641 billion (USD212 million) while operating profit grew from HKD47 million in 2007 to HKD140 million. Earlier in the month, Wharf T&T’s sister cable broadband operator i-Cable reported that its revenues fell 10% in 2008 to HKD2.08 billion, as competition in its core residential market bit hard.

Hong Kong, WTT (formerly Wharf T&T)