i-Cable posts 3% H1 revenue drop

12 Aug 2013

Hong Kong triple-play cableco i-Cable has posted a widening in its net loss for the six months ended 30 June 2013 to HKD112 million (USD14.4 million), compared to net loss of HKD97 million in the same period of last year, as consolidated turnover decreased by HKD29 million, or 3%, year-on-year to HKD1.009 billion. EBITDA was HKD1 million in the first six months of 2013 (H1 2012: HKD28 million). In the pay-TV segment, turnover decreased by 4% to HKD820 million and EBITDA loss was HKD7 million (H1 2012: positive EBITDA of HKD20 million). In i-Cable’s Internet & Multimedia segment, turnover increased by 1% to HKD171 million and EBITDA was unchanged y-o-y at HKD58 million in January-June 2013. CAPEX during the period amounted to HKD78 million (1H12: HKD113 million); major investments included HD set-top-boxes, network equipment as well as TV production and broadcast facilities for HD channels. While competition remained intense, the first half of 2013 saw relative pricing stability in the telephony, broadband and TV sectors; the TV customer base declined partly due to the expiry of sports programming rights. The broadband business continued to come under pressure from both wireline and wireless service providers; i-Cable added that ‘whilst the market has been relatively stable, the return to aggressive pricing to fight for market share remains a risk.’

Hong Kong, i-Cable (formerly HKCT)