PCCW records net loss of $166m under US system
PCCW yesterday said that under the US accounting system, it would record a net loss of $166 million after booking charges that were not required under Hong Kong accounting standards.
The fixed-line incumbent in March reported that it had a net profit of $1.59 billion, up 2.5 per cent.
Also listed as American Depository Receipts, it said that under the US accounting system it booked a $1.04 billion provision for impairment of goodwill attributable to subsidiaries which was absent under the Hong Kong accounting system.
It also booked a $154 million amortisation charge for intangible assets. The firm made such reconciliation every year as required under the US securities laws. Georgina Lee
no change in constituent stocks of hang seng index
HSI Services yesterday announced there had been no change in the constituent stocks of the Hang Seng Index after its regular quarter review.
