Hong Kong group The Wharf (Holdings) Ltd has reported its annual results for 2011, including its two telecoms units, i-Cable and Wharf T&T. Hong Kong triple-play cableco i-Cable reported that its efforts to sustain competitiveness and growth in a very tough competitive climate bore fruit in 2011, as its revenues increased by 5% to HKD2.11 billion (USD272 million), and it improved annual net loss to HKD179 million from HKD267 million a year earlier. Cable pay-TV subscribers ‘grew steadily’ in 2011, and turnover for pay-TV increased by 12% to HKD1.75 billion, offsetting a decline in broadband and telephony earnings, while i-Cable also said it continued with cable broadband network upgrades in an attempt to reduce customer attrition.
Fixed network operator Wharf T&T reported a 4% rise in turnover to HKD1.75 billion in 2011, and a 14% increase in operating profit to HKD230 million. It also reported steady progress in its plan to expand its fibre-to-the-premises (FTTP) services to 95% of business customers in Hong Kong by 2013.