Losses narrow at i-Cable

12 Aug 2011

Hong Kong-based triple-play cableco i-Cable, a subsidiary of The Wharf Holdings, narrowed its net loss in the first half of 2011 to HKD55 million (USD7 million) from HKD145 million losses in H1 2010, on six-month revenues that rose by 9% year-on-year to HKD1.05 billion. EBITDA also improved, from HKD18 million in the first six months of 2010 to HKD68 million a year later. Cable broadband subscriber numbers fell by 3,000 in 1H11 to 225,000, while cable telephony users decreased by 6,000 to 137,000. i-Cable’s telecoms services segment revenues dropped by 28% to HKD167 million in 6M11, offset by cable TV turnover which rose by 20% to HKD874 million. Conversely, six-month telecoms operating profit fell 44% but still recorded a positive result of HKD30 million, while cable TV contributed an operating loss of HKD22 million.

Hong Kong, i-Cable (formerly HKCT)