Main board-listed China Motion Telecom International narrowed its net loss by 38.3 per cent to HK$130.96 million in the year to March 31, from HK$212.2 million before.
Chairman Tony Hau Tung-ying attributed the loss to a provision of HK$188.6 million booked in the first half for properties and obsolete telecommunications equipment. For the year, the company recorded an operating profit of HK$61.87 million before tax and write-offs.
Turnover dropped 6 per cent to HK$721.99 million. No dividend was declared.
Mr Hau said CM Telecom's mobile business, which contributed 18 per cent of revenue, had seen a 28.9 per cent drop in turnover due to a decrease in average revenue per user.
However, turnover for its IDD business surged 133.7 per cent to HK$229.5 million, contributing 36 per cent of revenues.
Last month, CM Telecom sold its loss-making paging business to enable it to put more resources into higher-return businesses such as IDD and mobile virtual network operator (MVNO) services, Mr Hau said.
