HKBN profit surges 423.4% in 1H18

20 Apr 2018
00:00
News
Daily News

Hong Kong's HKBN has reported a strong 423.4% increase in net profit for the six months ending in February to HK$241 million ($30.7 million), partly as a result of strong residential and enterprise growth.

Adjusted for amortisation and non-recurring finance costs, profit grew 70% year-on-year to HK$295.4 million, the operator said.

Revenue for the six month period increased 22% to HK$1.86 billion, with residential revenue up 17% to HK$1.1 billion and enterprise revenue growing 19% to HK$679.2 million.

Total residential customers grew 8% to just over 1 million. HKBN's mobile customer base grew fourfold year-on-year to 222,000, but broadband subscriptions declined 1% to 872,000 and voice subscriptions fell 2% to 515,000 over the same period.

The company attributed its strong performance to the introduction of its quad-play broadband, voice, mobile services and OTT video strategy.

HKBN's enterprise customer base meanwhile increased 10% to 56,000, and enterprise ARPU increased 4% to HK$1,526.

“We are proud to have delivered remarkable, across-the-board growth in the industry, executing in line with our pledged J-curve strategy,” HKBN CEO William Yeung said.

“We are moving full steam ahead to harvest higher returns for our investors in the years to come, and simultaneously bring exceptional value for our customers.”

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