HKT reports first financials following CSL acquisition

Hong Kong’s HKT, the core telecoms unit of PCCW Group, has reported its results for the six months ended 30 June 2014, in which total revenue increased by 13% year-on-year to HKD12.520 billion (USD1.615 billion), total EBITDA rose by 15% to HKD4.425 billion and net profit increased by 18% to HKD1.400 billion. Fixed network revenues grew 4% to HKD9.565 billion while mobile revenues increased by 63% to HKD2.910 billion, following regulatory approval of HKT’s takeover of larger cellular rival CSL in May 2014. While fixed line subscribers were roughly flat y-o-y, totalling 2.654 million at mid-2014, HKT and new acquisition CSL’s combined mobile base numbered 4.512 million at end-June, according to the interim results announcement, up by 173% compared to HKT’s reported total a year ago.