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City Telecom’s six-month results boosted by HKBN

26 May 2010

Hong Kong-based City Telecom, which includes high speed fibre internet provider Hong Kong Broadband Network (HKBN), has reported that during the six months ended 28 February 2010 it added a consolidated 84,000 net new customers to reach an overall 1.027 million subscriptions to its services. The figures were driven by net additions of 73,000 broadband subscribers in six months to reach 464,000 high speed connections at end-February. The company’s statement contrasts this with the 75,000 net broadband additions it signed up in the full year to 31 August 2009. City Telecom’s turnover grew by 9.0% year-on-year to HKD786.0 million (USD100.8 million) in the six-month period, driven by higher sales contribution from its Fixed Telecommunications Network Service (FTNS) division, which saw revenues climb 14.0% year-on-year to HKD675.8 million. Core EBITDA in September-February increased by 11.4% year-on-year to HKD258.5 million whilst net profit was up 54.6% y-o-y at HKD116.4 million.

Hong Kong, Hong Kong Broadband Network (HKBN)

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