City Telecom Announces FY06 Annual Results
21 November 2006 - 3:10PM
PR Newswire (US)
HONG KONG, Nov. 20 /Xinhua-PRNewswire-FirstCall/ -- -- Net loss
narrowed to HK$92.2 million in FY06 from HK$213.3 million in FY05
-- EBITDA improved to HK$245.2 million in FY06 from HK$58.6 million
in FY05, with rising EBITDA margin trend of 18.8% in 1H FY06 to
23.6% in 2H FY06 -- Successfully shifted focus from subscriber to
revenue market share resulting in Fixed Telecom Network Services
turnover increasing by 22.6% to HK$741.3 million City Telecom (HK)
Limited (NASDAQ:CTEL) today announced a large reduction of net loss
to HK$92.2 million in its 12 months to 31 August 2006 annual
results compared with a loss of HK$213.3 million the previous year,
driven by the healthy growth in fixed telecom network services
("FTNS"). "We are encouraged by our FY06 achievements. We saw a
strong positive network effect driving a rapidly growing pool of
word-of-mouth referrals that is now a major source of new
acquisitions of our services. We made significant progress in our
drive for customer service excellence, and was recognized as an
industry leader with the conferring of several service awards.
These factors contributed to the strong growth of our FTNS
turnover, thereby strengthening our position in this competitive
market," said Ricky Wong, chairman of CTI. Total turnover increased
by 2% to HK$1,159.6 million with strong growth in FTNS by 22.6% to
HK$741.3 million more than compensating the 21.5% decrease in
International Telecommunications Services business ("IDD") to
HK$418.3 million. FTNS now contributes 63.9% of our total revenue.
Our EBITDA improved from HK$58.6 million, 5.1% margin to HK$245.2
million, 21.1% margin, respectively for FY05 and FY06. Throughout
the second half of 2006, CTI recorded significant improvements in
its EBITDA margin, with 23.6% in the second half, compared to 18.8%
in the previous six months. "During the year, we successfully
shifted our strategic focus from subscriber to revenue market
share. With the impact of this transition, our subscription base
slightly fell, yet the revenue is driven up, enabling a healthy
transformation of our business," Mr. Wong said. "The Company is
confident to the years ahead and will continue to strive for higher
operation efficiency, revenue market share and premium branding. We
stand more committed than ever, to contribute to the Hong Kong
telecom industry, and to the Hong Kong society," Mr. Wong
concluded. Please download full release at http://www.ctihk.com/ .
For enquiries, please contact: Ms Jessie Cheng Tel: +852-3145-4118
Email: DATASOURCE: City Telecom (HK) Limited CONTACT: Ms Jessie
Cheng, +852-3145-4118, Web site: http://www.ctihk.com/
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