PCCW eyes new investments as core businesses post steady gains
Core businesses post steady gains, with strong contribution from HKT following CSL takeover
PCCW, the flagship conglomerate of billionaire Richard Li Tzar-kai, is looking to push forward new investments in information-technology services and networks after it posted solid earnings for the six months to June 30.
"Provided that the local economy continues to grow, we are cautiously optimistic about the outlook for the second half of 2014," Bangalore Gangaiah Srinivas, the new PCCW group managing director, said yesterday.
Srinivas, formerly the president at Indian technology and outsourcing firm Infosys Group, replaced George Chan Ching-cheong who retired last month.
In its filing with the Hong Kong stock exchange, PCCW reported a healthy 24 per cent increase in its consolidated interim net profit to HK$1.058 billion, up from HK$856 million a year earlier, on strong contribution from telecommunications arm HKT and steady growth at its technology solutions business.
Consolidated interim revenue rose 10 per cent to HK$14.664 billion from HK$13.314 billion the previous year. Excluding property and investment division Pacific Century Premium Developments, the company's total interim core revenue rose 13 per cent to HK$14.44 billion from HK$12.815 billion a year ago.
PCCW's core businesses are HKT, solutions and media, which is led by pay-television provider Now TV.