HKBN 1H profit grows 21%

Dylan Bushell-Embling
telecomasia.net
Hong Kong Broadband Network (HKBN) grew its net income for the six months ended in February by 21% to HK$215 million ($27.7 million), on the back of solid revenue growth.
 
Service revenue grew 9.9% year-on-year to HK$986 million, as average revenue per household increased 14.6% to HK$180.
 
HKBN's share of the residential broadband market improved to 33.1%, and the company ended the period with 662,000 residential broadband subscriptions. Corporate subscriptions meanwhile reached 26,000.
 
Residential monthly churn was consistently below 1% for the period, the half-year results show.
 
HKBN CEO William Yeung said the company maintained its market lead in the 100Mbps and higher residential broadband segment, which is “a high-growth market segment with a 27% CAGR over the past four years.”
 
The company intends to focus its growth efforts in part on the enterprise solutions segment, and plans to increase its headcount for the enterprise business by 50% to facilitate this.
 
HKBN will offer a full suite of enterprise service offerings, including broadband, Wi-Fi, dark fiber, MPLS and data center access as well as a range of voice communication services

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