HKBN posts 10% rise in six-month revenue

30 Apr 2015

Newly-listed fibre broadband operator Hong Kong Broadband Network (HKBN) has posted financial results for the six months ended 28 February 2015, reporting that turnover was up by 10% year-on-year to HKD1.12 billion (USD144.5 million) as a result of growth in broadband subscriptions in both residential and enterprise segments, local newspaper The Standard reports. EBITDA increased by 15% to HKD482 million in the six-month period, helped by residential revenue which grew by 9% year-on-year to HKD872 million on the back of a 9% consumer broadband subscriber rise to 722,000 users at end-February. Enterprise revenue also grew solidly, by 10% to HKD229 million in September 2014-February 2015 as enterprise broadband subscriptions reached 31,000 at the end of the period, up by 19% y-o-y. HKBN posted a net loss of HKD47 million for the six months, which the company attributed to one-off finance costs related to refinancing and listing expenses of HKD160 million. Adjusted net profit, excluding the impact of amortisation of intangible assets, non-recurring finance costs and non-recurring items, increased by 29% to HKD160 million.

Hong Kong, Hong Kong Broadband Network (HKBN)