Dragonair said yesterday it will restore its five services a week from Hong Kong to Sanya, Hainan island, from Saturday, almost three months after suspending the flights. To mark the resumption of services, the carrier has launched a three-day package with prices from $1,788. Flights will depart from Chek Lap Kok every day except Monday and Thursday. PCCW-HKT's profit in first quarter falls 8.2pc PCCW-HKT Telephone, controlled by PCCW, booked an 8.2 per cent year-on-year reduction in first-quarter audited net profit to HK$937 million. Turnover slipped 2.8 per cent to HK$3.55 billion. A 21.3 per cent year-on-year growth in local data and broadband services revenue to HK$1.19 billion failed to offset the 11.6 per cent fall in turnover from local telephone services to HK$1.55 billion. PICC closer to filing IPO application China's largest property insurer is likely to file a listing application with the Hong Kong Exchanges and Clearing next week, sources close to the deal said. State-owned People's Insurance Co of China (PICC) is expected to raise between US$500 million and US$700 million in an international float around September. HK Bank branches decline The number of bank branches in Hong Kong fell from 1,511 in 1998 to 1,294 at the end of June this year, Secretary for Financial Services and the Treasury Frederick Ma Si-hang said. The drop reflected a rise in mergers, and also the consolidation of branches, he said. AXN renews Cable TV deal Action-adventure television network AXN had renewed its exclusive distribution agreement with Hong Kong Cable Television.