Hong Kong Telecom reports 16% rise in profit to $410.1 million for first half

Article Abstract:

Hong Kong Telecommunications Ltd reports that its profits for the 1st half of FY 1993, ending Sep 30, 1992, were 3.17 billion Hong Kong dollars ($410.1 million US), or 28.4 Hong Kong cents per share, up from HK $2.74 billion, or 24.6 cents per share, in 1st half FY 1992. Revenue jumped 19 percent, from HK $8.89 billion to HK $10.5 billion. Executives expect profit to grow by the same rate in the remainder of FY 1993, despite the firm's obligation to cut long-distance charges by an average of 8 percent. Revenue from international calling rose 24 percent, including a 36 rise in revenue from calls between Hong Kong and the mainland. Hong Kong Telecommunications' mobile-phone customer base jumped 23 percent from the previous year, to 62,000, and its number of telefax lines climbed 35 percent to 170,000. The telephone company is 58 percent owned by the UK's Cable and Wireless PLC.

Hong Kong Telecommunications Ltd., First Quarter

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Phone firms likely to post quarterly gains

Article Abstract:

Local telephone companies will likely report increased earnings for 2nd qtr 1993. Analysts predict growth of the regional Bell companies and GTE to report gains of 5 percent to 7 percent over 2nd qtr 1992. The increases indicate slow recoveries in the companies' respective regional economies. There has been a large increase in cellular telephone use over 1st qtr. Poor economies in Boston and New York are expected to hurt Nynex Corp, and the poor economy in California is expected to harm Pacific Telesis Group. Pacific Telesis has also suffered from rate cuts, resulting in earnings lower by an estimated $28 million. California regulators are likely to lower toll rates for long-distance carriers in 3rd qtr but to increase rates for local telephone companies. Other companies will have one-time charges for refinancing debts to capitalize on low interest rates.

Telephone companies, Telephone Company

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