City Telecom’s turnover climbs 13.4%

5 Nov 2009

Hong Kong telco City Telecom, which includes super-fast fibre operator Hong Kong Broadband Network (HKBN), has reported its annual results for the fiscal year ended 31 August 2009. Turnover grew by 13.4% year-on-year to HKD1.478 billion (USD191 million), due to strong growth of City’s Fixed Telecoms Network Services (FTNS) division, which includes HKBN and has replaced the telco’s traditional long-distance voice services as its main sales channel. FTNS’ revenues rose by 21.8% y-o-y to HKD1.231 billion, as total local access and broadband subscriptions increased by 142,000 to 943,000 in the year. Homes passed by the high speed fixed network increased by 140,000 to 1.62 million and corporate buildings by 530 to 1,230. The group’s EBITDA climbed by 34.4% y-o-y to HKD508 million, increasing the EBITDA margin to 34.4%, up from 29.0% in the previous twelve months.

Hong Kong, Hong Kong Broadband Network (HKBN)