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Pacific Century CyberWorks is hoping to double its operating revenue in the next few years, according to chairman Richard Li Tzar-kai.

In an exclusive interview with the South China Morning Post yesterday, Mr Li spoke on a range of subjects, including the rollercoaster ride since his company took over the former telephone monopoly Cable & Wireless HKT one year ago today.

At that time, Mr Li promised there would be no lay-offs in the first year of the combined entity's operations. He also vowed to double the market capitalisation of his company.

Yesterday he said he would continue to look at ways of cutting operating costs but had no plans to trim the 14,000-strong workforce, despite rumours in the market that 3,000 jobs could be slashed.

He insisted the company would be better positioned for growth in the months ahead.

'We are setting ourselves for growth in revenue, particularly operating revenue, in the next few years,' Mr Li said. 'Assuming we are able to increase operating revenue by 11 per cent, it will take us seven years to reach this target.'

But the burst of the Internet bubble and collapse in the company's share price has dented those hopes.

The share price of PCCW has fallen 87 per cent over the year, closing yesterday at $1.99, compared to $15.35 on the first day of the merger.

In the past 12 months, the company has announced a $6.9 billion loss and, more recently, the cancellation of a US$2.5 billion bonds issue.

'When I see people losing money on the stock market, of course I am not very happy,' he said. 'Reading newspapers used to be my favourite pastime, but not any more.'

In March, Mr Li, 34, also revealed - contrary to some company documents - that he had not graduated from Stanford University. He hinted yesterday this disclosure had caused him much grief.'There is one thing I did regret a lot, but I don't want to bring it up again,' said a solemn Mr Li.

'I'm sure you can guess what it was.'

However, he pointed to some achievements.

Since creating a locally listed vehicle - Tricom - two years ago, Mr Li has transformed a small telephone manufacturing firm into the largest telecom service provider in Hong Kong.

'In terms of matching cost and revenue, this is the most stable company I have owned in my career,' he said.

'Since starting as an investment banker in the late 80s, I have only been able to sleep peacefully at night in the past year.'

Combining talents within the two companies was one of the greatest challenges that lay ahead, he said.

'We are continuing to evolve as one company. The ideal position has not been achieved yet, and perhaps we will have to wait for another two years [before it happens].

'What we hope is to leverage each others' strengths so we get the best of both worlds, not the worst.'



Richard Li aims to double PCCW's operating revenue