PCCW remains ‘prudent’ as six-month profit rises 1%

16 Aug 2010

PCCW, Hong Kong’s dominant fixed line operator, reported a 17% year-on-year rise in first-half net profit attributed to its ‘prudent cost controls’, which it said it will continue to apply whilst the global economic recovery remains in the early stages. The quad-play operator’s net income in the six months ended 30 June 2010 reached HKD765 million (USD98 million), up from HKD654 million in the same period of 2009. Core communications revenue, excluding property businesses, rose by 3% y-o-y to HKD10.73 billion, up from HKD10.47 billion in H1 2009, and core EBITDA increased by 3% in the same period to HKD3.37 billion. PCCW ended June 2010 with 2.59 million fixed lines, unchanged from the beginning of the year, and 1.29 million fixed broadband subscribers, also unchanged from 1 January, whilst its installed base for IPTV service ‘now TV’ continued to rise, by 3% y-o-y to 1.03 million at mid-2010. PCCW Mobile’s total 2G/3G subscriber base also increased 3% y-o-y, to 1.47 million, with 41.2% of customers using 3G services.