Hong Kong telecoms and media giant PCCW upbeat after posting net profit of US$138 million for first half of 2015

PCCW, the flagship conglomerate of Hong Kong billionaire Richard Li Tzar-kai, will chase strong initiatives in the telecommunications, media and information-technology services markets in a bid to prosper in the second half of 2015 despite the city’s modest economic climate.

“We will continue on our journey to becoming the digital transformation partner of choice for our customers," PCCW group managing director Bangalore Gangaiah Srinivas said on Thursday. 

He made the remarks after the company reported its consolidated earnings for the six months ended June 30.

In its regulatory filing, PCCW posted a flat consolidated interim net profit of HK$1.070 billion (US$138.05 million), mainly due to higher general and administrative expenses, as well as increased depreciation and amortisation costs.

That beat Barclays' earlier estimate of a 5 per cent year-on-year decline in interim net profit.

Total first-half revenue from PCCW's core telecommunications, media and information-technology services businesses rose 25 per cent to HK$17.983 billion from HK$14.440 billion in the same period last year.