City Telecom (HK) Limited Announces FY05 Annual Results
22 November 2005 - 3:24AM
PR Newswire (US)
- Group revenue down 2.8% year-on-year to HK$1,137.4 million due to
International Telecoms Services (IDD) revenue fall overshadowing
Fixed Telecom Network Services (FTNS) revenue gains. FTNS is now
53.2% of total revenues - FTNS subscription base for voice,
broadband and pay-TV services grew by 166,000 to reached 631,000 as
of 31 August 2005, a 35.7% YoY jump - Group EBITDA profit fell from
HK$245.0 in FY04 to HK$65.5 million in FY05 due to reduced IDD
profitability and ramp-up of FTNS marketing activities. - Inclusive
of HK$237.7 million of depreciation and amortization expenses, net
loss of HK$206.4 million was reported for the year ended 31 August
2005 HONG KONG, Nov. 21 /Xinhua-PRNewswire/ -- City Telecom (HK)
Limited ("The Group") (NASDAQ:CTEL) today announced the annual
results of 2005 for the twelve months ended 31 August 2005.
"Starting from zero, we have established our "Little Kingdom", and
some people would even consider our story to be a "Legend". FY05
marks our first ever full year loss, suggesting the fall of the
Legend. However the net loss is within our strategic tolerance, and
is in line with the trends set out in our interim results
announcement," said Ricky Wong, Chairman of the Group. Group EBITDA
profit fell from HK$245.0 in FY04 to HK$65.5 million in FY05 due to
reduced IDD profitability and ramp-up of FTNS marketing activities.
During FY05, we made substantial operating expenditure investments
in brand enhancement, including the launch of the "Liu Xiang
bb1000" campaign in 2H FY05. Liu Xiang, as the reigning Gold medal
holder for 110 meter hurdles, is China's first male Olympic Track
and Field Gold Medalist. Depreciation and amortization expenses
increased by 20.7% to HK$237.7 million. Finance costs also
increased from HK$175,000 to HK$54.5 million due to the interest on
US$125 million senior notes issued in January 2005. "As a major
shareholder and the Chairman of the Group, I should be more
concerned on the development of the Group, compared to other
shareholders. During the year, we received several awards and words
of praises that confirmed the Metro Ethernet platform is the top
choice for Hong Kong. I believe that you need great long term
foresight for investment in infrastructure," Mr. Wong added. For
enquiries, please contact City Telecom: Investor Relations Mr NiQ
Lai, Tel: (852) 3145 4710, Fax: (852) 3145 8445, Email: DATASOURCE:
City Telecom (HK) Limited CONTACT: Mr NiQ Lai, Investor Relations,
City Telecom, +852-3145-4710, Fax: +852-3145-8445,
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