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PCCW's mobile operation exceeds forecasts

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Pacific Century CyberWorks' mobile phone unit CSL has reported an operating profit of HK$1.36 billion for last year, according to a disclosure by its majority shareholder Australia's Telstra.

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Sister company Reach, a 50-50 joint venture of the two carriers, yesterday reported an operating profit of US$398 million for the first 11 months.

Both results beat the company's guidance to analysts.

Analysts said the ventures with Telstra could contribute more than HK$500 million net profit to CyberWorks, due to announce results this month.

Voon San Lai, analyst at BNP said: 'These sets of results are well above expectations. Anything growing for wireless is encouraging.'

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Telstra yesterday said in its half-year results announcement that earnings before interest, tax, depreciation and amortisation (ebitda) of 60 per cent-owned CSL were HK$697 million for the second half, making full-year ebitda HK$1.36 billion.

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