CTI Announced 2004 Interim Results - Unprecedented Value and Choice
2004年5月19日 - 10:00PM
PRニュース・ワイアー (英語)
CTI Announced 2004 Interim Results - Unprecedented Value and Choice
* Group turnover of HK$572 million, down 13% YoY, due to IDD price
weakness. HONG KONG, May 19 /PRNewswire-FirstCall/ -- City Telecom
(HK) Limited ("The Group") today announced the interim results of
2004 for the six months ended 29th February 2004. Despite the
intense competition in the telecommunications market, FTNS recorded
satisfactory results that brought the Group to a new level of
maturity. The board of directors has resolved an interim dividend
of HK$0.015 (2003:HK$0.05) per ordinary share for the six months
ended 29th February 2004. During the period under review, our
growth FTNS segment performed strongly with this segment rising to
43% of our total revenues. Profit attributable to shareholders was
HK$35 million in this reporting period, a YoY fall of 68% (50%
excluding the USC rebate in 1H03). Total revenue fell 13% to HK$572
million, mainly due to the price pressure on our IDD business.
Despite intense price competition across our businesses, our
group's gross margin actually increased YoY from 63% to 71%
(excluding the USC rebate in 1H03) in response to the improving
revenue mix towards the more profitable FTNS segment. As such, our
gross profit YoY fall of 2% to HK$404 million (excluding the USC
rebate in 1H03), was substantially less than our revenue decline.
Total operating costs of IDD business (excluding the USC rebate in
1H03) dropped by 27% to HK$256 million compared to last
corresponding period. For FTNS, operating costs increased by 22% to
HK$285 million, mainly due to our investment made in network and
subscriber acquisition, together with the launch of our pay-TV
service. As a result of the above, our operating profit (excluding
the USC rebate in 1H03) dropped by 55% to HK$36 million. Operating
loss from FTNS business was reduced by 16% to HK$36 million but our
IDD business recorded a 41% fall to HK$71million. "At City Telecom,
we strive to provide innovative diversified products, at affordable
prices for the mass market, and we are committed to invest for the
benefit of our shareholders and the community of Hong Kong," said
Ricky Wong, chairman of City Telecom (H.K.) Limited. BUSINESS
REVIEW Fixed Telecommunications Network Services (FTNS) During the
period under review, we have prioritized our local fixed line
business, expanding our market share with an installed base of
194,000 (today: 208,000) lines, averaging approximately 8,000 net
line additions per month. On our broadband Internet access
business, we also reached a customer base of approximately 189,000
(today: 195,000), although growth has matured to 2,800 line
additions per month. In addition, in last August 2003, we launched
our pay-TV service, a third revenue stream on our underlying Metro
Ethernet network. Our enriched content offering now consists of 33
channels (up from seven channels at launch) of quality television
programming and 11 channels of interactive applications. We will
continue our investment in the pay-TV segment, subject to demand
take-up. As of 29th February 2004, we had secured 7,000 (today:
18,000) pay-TV subscribers. International Telecommunications
Services (IDD) During the reviewing period, the Group succeeded in
re-establishing its market share to 22% (up from 21% in 1H03),
resulting in a 18% volume increase to 492 million minutes. However,
a hostile market environment between existing and new entrants in
the market, created an adverse fall in our average revenue yield,
which resulted in a significant drop of revenue to the Group. In
terms of traffic routes, China is still our number one route that
accounted for 69% of our total traffic. The second and third most
popular routes remained to be the US and Canada. PROSPECTS The
first half of this year has been characterized by the substantial
growth in the Group's fixed telecom network business, reducing our
traditional dependence on IDD. Started in 2003, we are on schedule
to deepen the penetration of our fiber backbone to majority million
of our 1.2 million Metro Ethernet access homes within calendar year
2004. This progress, will allow us to lower our costs, improve
service quality and provide unparalleled capacity to offer new
services to our customers However, the overall telecom operating
environment in Hong Kong remains intensely competitive. The Group
has seen some softening in the affordability of tariffs of various
telecom services. Nevertheless, the penetration for our numerous
FTNS offerings is expected to rise continuously through our efforts
in marketing and technology advancement, and we are confident that
the rate of decline in our IDD business can be slowed. Network
coverage has always been a key for business development. Upon the
review period in the past two years, such development has been
reactivated and we target to extend the existing 1.2 million
households network coverage by increment of more than 30%. "As one
of the leading fixed telecom network operators in Hong Kong with
superior network, established brandname, premium customer services,
aggressive marketing strategies and effective sales channels, we
are well-positioned to deliver growth and value to our shareholders
and for the benefit of Hong Kong," Mr. Wong concluded. About City
Telecom Established in 1992, City Telecom (H.K.) Limited
(NASDAQ:CTEL)(SEHK: 1137) provides integrated telecommunications
services in Hong Kong. CTI's wholly owned subsidiary, Hong Kong
Broadband Network Limited (HKBN), has deployed a Metro Ethernet
network of 1.2 million homes passed and to date, has achieved an
aggregate broadband, voice and Pay-TV base in excess of 400,000
subscriptions. Additional information on City Telecom can be found
at http://www.ctihk.com/. For media enquiries, please contact:
Corporate Communications Jessie Cheng Tel: (852) 3145 4118 Fax:
(852) 2199 8372 Email: Investor Relations NiQ Lai Tel: (852) 3145
4710 Fax: (852) 3145 8445 Email: DATASOURCE: City Telecom (HK)
Limited CONTACT: Corporate Communications - Jessie Cheng,
+852-3145-4118, or fax, +852-2199-8372, , or Investor Relations -
NiQ Lai, +852-3145-4710, or fax, +852-3145-8445, , both of City
Telecom (HK) Limited Web site: http://www.ctihk.com/
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