Paging company ABC Communications (Holdings) says interest income will be its primary profit generator this year after it sold almost its entire stake in telecommunications company SmarTone. Speaking after the company's annual general meeting, deputy managing director Patricia Yeung Shuk-kwan said ABC had more than $800 million cash in hand after paying $412 million in dividends last year. ABC sold its 11.86 per cent interest in SmarTone for $1.17 billion before the end of the financial year on March 31. ABC booked a $763 million exceptional gain from the disposal. The company still holds a 0.54 per cent interest in SmarTone. Ms Yeung said the company anticipated satisfactory interest income from the cash, but stressed such revenue would fluctuate according to interest-rate movements. Interest rates have risen to record highs in recent weeks following a series of speculative attacks on the stock and futures markets. For the year under review, the company wrote down $122 million on an equity investment in Australian-listed company EasyCall Asia, leaving the value of the investment at $7 million. Ms Yeung said the provision was a prudent measure and added that she did not foresee any substantial diminution of the equity value. The company has invested $47 million in the paging and cellular market in Taiwan during the past two years. Ms Yeung said ABC would invest $20 million this year. However, its Taiwan investments had yet to develop to the level originally anticipated two years ago, she said.