Hong Kong Broadband Network says annual profit more than doubled, targets accelerated growth
Telecommunications network operator sees bundled subscription campaigns, which include over-the-top video content and mobile services, driving its sales
Hong Kong Broadband Network (HKBN) is targeting accelerated revenue growth on the back of its latest business expansion initiatives, after posting solid earnings in its fiscal year to August 31.
Chief executive William Yeung Chu-kwong said on Wednesday that the company estimated an addressable market worth HK$24 billion-a-year, or HK$1,000 a month per household, for its “quad-play” of broadband, fixed-line voice, video content streaming and mobile services in the city.
“With 898,000 residential customers, we have a total billing market share of 44 per cent, which suggests room for growth relative to our 7 per cent revenue market share of the expanded quad-play market,” Yeung said.
In a filing with the Hong Kong stock exchange on Wednesday, HKBN saw its net profit more than doubled to HK$244.68 million in its fiscal year to August 31, up from HK$104.27 million in the same period last year.
