PCCW profits slip
August 24, 2009
PCCW has reported its first-half net profit edged lower as revenue from telecommunications services declined due to the weakening Hong Kong economy. The dominant telco said its net profit for the six months ended June 30 was HK$654 million Hong Kong dollars ($83.8 million), down 0.3 per cent from HK$656 million a year earlier.
Revenue from its broadband television business, Now TV, rose 4.8 per cent to HK$1.09 billion from HK$1.04 billion because of a higher subscriber base. The broadband TV business reported a loss before EBITDA of HK$34 million, narrowing from a loss of HK$40 million a year earlier. The company recorded a seven per cent increase in the number of Now TV subscribers to 992,000 at the end of June, from 927,000 a year earlier.