HKBN revenue grows 22% in FY18

02 Nov 2018

Hong Kong's HKBN has reported a 22% year-on-year increase in revenue for FY18 to HK$3.94 billion ($502.9 million), as a result of accelerated growth in both its residential and enterprise segments.

Residential revenue for the financial year ending in August increased by 16% to HK$2.28 billion, mainly driven by robust mobile revenue growth.

Residential ARPU improved by 5% to HK$176 per month, but residential broadband subscribers fell 1% to 860,000 as a result of churn of price sensitive customers.

Enterprise services revenue meanwhile increased by 14% to HK$1.38 billion, with enterprise customers growing by 6% to 57,000 and enterprise ARPU up 3% to HK$1,510 per month.

HKBN's residential mobile subscriber base increased by 80% to 265,000 with mobile ARPU increasing by 24% year-on-year to HK$147 per month.

The company also enjoyed a strong year for OTT services, with the total number of set top boxes ordered increasing by 59% year-on-year to 835,000. The majority of HKBN's residential customers have now ordered at least one OTT set top box.

Our robust quad-play presence in the residential market and a far bigger presence in the enterprise market today were a function of our strategic actions 3-4 years ago. Key to this success was our sequential long-term incentive alignment via Co-Ownership Plan II, in which over 330 supervisor-and-above-level Talents invested their savings to buy HKBN stock with 3-year tenures,” HKBN CEO NiQ Lai said.

“We are now in the process of revamping our Co-Ownership Plan III which we aim to seek shareholder approval after the closing of the proposed WTT merger (subject to shareholder and regulatory approvals).”

HKBN announced a planned HK$10.5 billion merger with WTT holdings in August. WTT offers enterprise telecoms services to over 56,000 companies across more than 5,400 buildings in Hong Kong.

Related content

Follow Telecom Asia Sport!
No Comments Yet! Be the first to share what you think!
This website uses cookies
This provides customers with a personalized experience and increases the efficiency of visiting the site, allowing us to provide the most efficient service. By using the website and accepting the terms of the policy, you consent to the use of cookies in accordance with the terms of this policy.