PCCW’s annual revenues climb 24% after CSL acquisition

12 Feb 2015

Hong Kong’s PCCW – which includes fixed/mobile telecoms group HKT, IPTV operations under the Media division and the ‘Solutions’ enterprise ICT division – has reported that its core revenues (excluding property businesses) increased by 24% to HKD32.962 billion (USD4.241 billion) in the full year to the end of December 2014, following HKT’s acquisition of Hong Kong’s largest mobile operator by subscribers CSL New World Mobility Limited (now known as CSL Holdings Limited, ‘CSL’) which was completed in May that year.

HKT alone saw its annual revenue climb 26% to HKD28.823 billion in 2014; Solutions turnover grew 14% to HKD3.370 billion; and Media sales increased 7% to HKD3.231 billion. PCCW’s core EBITDA increased by 29% to HKD10.506 billion, given a strong contribution from HKT (where EBITDA jumped 30% to HKD10.242 billion) and continued growth of the Solutions business. Consolidated profit attributable to PCCW equity holders increased by 76% to HKD3.310 billion.

HKT’s Hong Kong fixed broadband lines in service increased by just 2,000 in a year to 1.540 million at end-December 2014, but underlying this statistic, direct fibre customers grew by 85,000 in the twelve-month period to 504,000. PCCW’s total installed ‘Now TV’ IPTV subscriber base reached 1.285 million at 31 December 2014, representing a net gain of 48,000 subscribers in twelve months, while IPTV ARPU rose year-on-year from HKD187 to HKD195 per month.

HKT reported that mobile subscribers (under the ‘csl’ and ‘1O1O’ brands) reached 4.585 million at end-December 2014, up from 4.512 million reported by the group six months earlier, with the figure excluding users of mobile virtual network operators (MVNOs, including PCCW’s own joint venture SUN Mobile, formerly known as New World Mobility). Although PCCW does not provide an official year-on-year comparison, TeleGeography notes that the combined total of PCCW and CSL mobile network users at end-December 2013 was 5.774 million, a figure which was estimated to rise to 5.97 million at end-2014.

Hong Kong, HKT (incl. CSL), PCCW Group