Stepped Up To Be The Second Largest Broadband Provider
WE DREAM. To be the largest IP Service Provider in HK by 2016
WE ACHIEVE. We are now the second largest broadband provider in HK
Other Financial Highlights:
* 3 Highs :
- Net profit up 57.7% YoY to HK$75.3 mn driven by improving
Fixed Telecoms Network Services (FTNS) business
- Maintain market leading broadband growth, net additions of
34,000 to 350,000, for six months to 28 Feb 2009
- Raised blended broadband ARPU by 10.7% YoY to HK$196/month
* 1 Low :
- Broadband churn remains well below 1.0% per month
HONG KONG, May 25, 2009 (GLOBE NEWSWIRE) -- City Telecom (H.K.) Limited (the "Group") (HKEX:1137) (Nasdaq:CTEL) today announced interim results for the 6 months ended 28 February 2009. Continuing on the improving trends delivered last year, the Group has become the second largest broadband provider in HK, and has achieved good results with growth in subscriptions, turnover, EBITDA and net profits.
The Group turnover increased by 15.6% year-on-year to HK$721.2 million due to higher revenue contribution from our Fixed Telecommunications Network Service business (FTNS) which now contributes 82.2% of the Group turnover in 1H FY09. Our Group EBITDA for 1H FY09 increased by 24.0% to HK$232.0 million year-on-year and our EBITDA margin increased to 32.2% when compared with 1H FY08 of 30.0%, reflecting the growing contribution of the higher margin FTNS business. Profits attributable to our shareholders increased by 57.7% to HK$75.3 million in 1H FY09 with basic earnings per share at HK11.6 cents. The Board has resolved to declare an interim dividend of HK3 cents per ordinary share in cash.
"I wish our shareholders would be delighted by the performance delivered during this interim period. We are aiming to deliver an even slightly better result in the second half this year, even though we are well aware of the fact that we all are facing the global financial crisis," Chairman of the Group, Ricky Wong said.
"While the immediate economic outlook remains uncertain, we will continue to leverage Fibre network advantage for profitable growth. We are now harvesting shareholder value from utility-like demand on the investments in network infrastructure and brand enhancement that we have been making since the grant of our FTNS license in 2000," Mr. Wong said.
Additional information on City Telecom can be found at www.ctigroup.com.hk.