Wharf Group subsidiary i-Cable Communications, which touts the two most coveted football programmes in Hong Kong, is gearing up for growth at its flagship pay-television business after significantly narrowing its losses last year.
Pay-TV revenue is expected to strongly rebound this year ahead of the 19th FIFA World Cup in June and the new Barclay's Premier League season, the company said in a statement to the Hong Kong stock exchange yesterday.
Another Wharf Group unit, the privately held telecommunications firm Wharf T&T, said it is also primed to expand its operations after posting a 52 per cent rise in net profit in the 12 months to December.
Stringent cost-control measures and exit from non-core businesses helped i-Cable, which also offers internet broadband services to the consumer market, reduce its net loss 63 per cent to HK$40.9 million from HK$110.3 million in 2008.
Revenue fell 15.7 per cent to HK$1.75 billion, affected by slowing business in the first half and losses from its recently discontinued Horizon Channel and print ventures on the mainland.
'Our priority will be to grow revenue this year,' i-Cable chairman Stephen Ng Tin-hoi said. 'The next three months will be crucial for us.'
