PCCW core revenues down 5%

Hong Kong’s PCCW Group has released its financial results for the full year ended 31 December 2009. Consolidated net profit attributable to equity holders of the company increased by 18% year-on-year to HKD1.51 billion (USD194 million), and core revenues (disregarding property businesses) decreased by 5% to HKD20.86 billion. Against a backdrop of economic downturn, intense market competition and adverse regulatory decisions, PCCW felt it recorded a ‘satisfactory performance’ in 2009, with group managing director Alex Arena saying, ‘Following the successive turnarounds of the mobile business in 2007 and the TV & Content business in 2009, all our quadruple-play segments are now contributing positive EBITDA and represent a solid platform for further development.’ PCCW Mobile’s 3G mobile subscriber base grew by 28% year-on-year to 529,000 at end-December 2009, whilst retail consumer fixed broadband lines in service saw a 1% increase over the same period to 1.146 million.