Results: City Telecom up 70%, TNZ & Qualcomm down

Robert Clark
06 Nov 2009
00:00

City Telecom’s dominance of broadband growth in Hong Kong has powered it to a 70% surge in full-year profit.

reported

said

He said a price war was a realistic threat, but said the company’s aim was to “collapse the market price to an affordable level which makes price irrelevant.”

CTI boosted ebitda by 34.4% to HK$508.1 million ($65.3m) and increased the ebitda margin from 29.0% to 34.4%. It posted a 70% higher net profit of HK$212.8 million on group sales of HK$1.48 billion.

Its stock price on Nasdaq rose 6.82% overnight following the announcement.

Telecom New Zealand’s ebitda for the September quarter fell 4.1% over last year to NZ$447 million ($322m). Revenue for the quarter was down 6.5%, although the carrier also cut operating expenses by 7.7%.

Net earnings increased 9% to NZ$163 million due to a NZ$43 million one-off change from the tax law. Trans-Pacific cable firm Southern Cross posted a dividend of NZ$35 million, down from NZ$39 million a year ago.

Wireless chip specialist Qualcomm reported an 9% fall in year-on-year operating income as sales declined 19%, in line with its forecast.

The result included a $230 million charge for a fine expected to be levied by the Korea Fair Trade Commission.

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