Positive year for HKBN

29 Oct 2020

Hong Kong telco HKBN has reported increases in revenues and profits for its 2019/20 financial year thanks to the first full-year inclusion of business services provider WTT, which was acquired in April 2019. The results also include eight months of income from systems integrator JOS which was bought by HKBN last December. In the year to 31 August 2020 revenues climbed 85% to HKD9.45 billion (USD1.22 billion), with the Enterprise Solutions unit more than doubling its sales to HKD4.71 billion, while revenues at the residential business were almost flat at HKD2.45 billion. EBITDA jumped 47% to HKD2.51 billion, and adjusted net profit rose from HKD538 million in 2018/19 to HKD600 million a year later.

HKBN provided broadband internet access to 117,000 businesses and 886,000 residential users at the end of August 2020, with both totals climbing 1% year-on-year. Its MVNO unit had 275,000 customers at the same date, a fall of 2,000 over twelve months.

Hong Kong, Hong Kong Broadband Network (HKBN)