City Telecom Announces Annual Results 2012
28 November 2012 - 10:00PM
HONG KONG, Nov. 28, 2012 (GLOBE NEWSWIRE) --
For the full Press Release, please download at:
http://www.ctigroup.com.hk/ctigroup_admin/files_upload/PR_AR2012_E.PDF
Dear Friends of City Telecom,
City Telecom (H.K.) Ltd. ("The Group") (HKSE:1137)
(Nasdaq:CTEL), announced annual results for the 12 months ended 31
August 2012 (FY2012). FY2012 a special year for the Group. On one
hand we celebrated 20th Anniversary, and we concluded our first
venture in Telecom business on the other. From this year onward,
City Telecom is a 100% devoted multimedia company in Hong Kong.
"There are ups and downs in economic cycles, so do business
financial returns. Our management team foresees the constraints on
expansion and competition for operating fixed telecommunications
network service in a small city like Hong Kong; and we also noticed
the rapid growth for the demand towards Chinese entertainment
programmes globally, particularly from China," Mr. Ricky Wong,
Chairman of the Group said.
Highlights :
- Profit from discontinued operations (net of tax) of HK$3,771.7
million due to the very substantial disposal of the Group's
International Telecommunications Services and Fixed
Telecommunications Network Services Businesses (the "Telecom
Business") during the year
- Strong balance sheet with net cash position of HK$2,623.8
million
- On continuing operations, a loss of HK$73.8 million incurred
(FY2011 : HK$32.1 million) due to the start-up multimedia
business
- Turnover from continuing operations amounted to HK$3.8 million
(FY2011 : HK$Nil)
- Recommended a final dividend of HK15 cents per ordinary share
in cash (FY2011 : HK15 cents per ordinary share) bringing total
dividend to HK30 cents per ordinary share for FY2012 (FY2011 : HK30
cents per ordinary share)
For full details of our Annual Results, please click:
http://ir.ctigroup.com.hk/eng/ir/results.php?p_year=2012
About City Telecom
City Telecom (H.K.) Ltd. is a Hong Kong and the U.S. listed
company (HKSE:1137) (Nasdaq:CTEL). Established in 1992, the Group
possesses extensive and successful experience in telecom market
liberalization, popularizing advanced technology &
applications. The Group strives to expand its foothold to the TV
industry. Since 2011, Hong Kong Media Production Company Limited
has been aggressive in forming the dream team of artistes,
production and creative Talents, as well as artistes.
The Group will invest over HK$800 million in the next three
years to build a 500,000 sq. ft. TV & Multimedia Production
Centre, including the largest studio in Asia with an area of 18,000
square ft. and post-production suite equips with 3D and Super
High-definition production facilities. The production center is
expected to go into full operation in early 2014.
At commencement, City Telecom's TV business will broadcast 12
channels, and will increase to 20 in 3 years. City Telecom targets
to produce drama totaling 260 hours in 2012 and 650 hours in 2013.
104 hours of variety and infotainment programs will also be
produced in 2012 and 520 hours in 2013.
CONTACT: For Enquiries, please contact:
Investor Engagement
Mr. Andrew Kwan
Tel: +852 3145 6051
Email: investor_engagement@ctihk.com
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