Hong Kong’s PCCW Group, which operates in its domestic market under brands including Hong Kong Telecom (HKT), CSL, PCCW Solutions and Now TV, has reported a 2% drop in consolidated revenue for full-year 2016, to HKD38.38 billion (USD4.92 billion). The group’s core telecoms activities brought in HKD33.35 billion, down 3% year-on-year. Operating costs dropped 1% to HKD8.42 billion and consolidated EBITDA climbed 3% to HKD12.23 billion. Profit before tax was down 5% at HKD4.23 billion, while net profit attributable to shareholders fell from HKD3.99 billion in FY 2015 to HKD3.83 billion last year.
The group said that HKT delivered a solid set of financial results ‘in the midst of an increasingly challenging macroeconomic environment and intensified market competition’. The operator claimed 2.65 million fixed lines in service at the end of 2016, unchanged from twelve months earlier, while broadband access lines were also stable at 1.57 million. Mobile user numbers fell 1% to 4.51 million, though the majority of losses were less lucrative pre-paid accounts.