PCCW charts plans to expand media, IT services footprint
Company to enter Thailand’s over-the-top market with its Viu services this year
The company posted a net profit of HK$2.39 billion for its core operations, up from HK$2.37 billion in the same period last year.
Core revenue dropped 2 per cent to HK$38.2 billion from HK$39.1 billion the previous year, largely due to a slowdown in its mobile handset sales. PCCW’s chief financial officer Susanna Hui attributed the dip in handset revenues to the lack of flagship handsets released last year .
The company’s core operations excludes its property development and investment business, Pacific Century Premium Developments.
The consolidated revenue for PCCW dipped 2 per cent to HK$38.4 billion, while its core operating earnings before interest, taxes, depreciation and amortisation – a measure of a firm’s operating profitability – rose 3 per cent to HK$12.5 billion after the integration of mobile operator CSL at PCCW’s telecommunications arm HKT and further investments in its media business.
“We have continued to stay focused on our core business ... in the last two years we have expanded our footprint with our regional expansion strategy, particularly on Viu OTT (over-the-top),” said Bangalore Gangaiah Srinivas, the managing director at PCCW Group, during a results presentation on Monday.