Hong Kong pay TV operator i-Cable expects to break even in three to five years
Company will step up internet content, says chief operating officer
Loss-making pay television operator i-Cable Communications expects to break even in the next three to five years, after reporting an accumulated loss of HK$2 billion (US$254.9 million) in the past 10 years.
The turnaround will rely on changes in content and corporate structure, while new technologies will help the company expand its customer base, according to the operator of Hong Kong’s cable television.
“If we want to continue to survive in the market, we must make reforms and restructure our business and structure,” said Irene Leung Shuk-yee, the company’s chief operating officer.
Leung said the company would step up internet content amid fierce competition. “We will develop OTT [over the top] services to attract a younger generation of customers,” said Leung, who took up the new post in February.
The company has reported losses for 10 straight years amounting to about HK$2 billion, according to Joe Kwok, i-Cable’s chief financial officer.
As a result of the huge losses reported, the operator’s original majority shareholder Wharf Holdings refused to inject fresh capital.