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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hong Kong Television Network Ltd. (MM) | NASDAQ:CTEL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.08 | 0 | 01:00:00 |
CITY TELECOM (H.K.) LIMITED
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By: | /s/ Lai Ni Quiaque | |||
Name: | Lai Ni Quiaque | |||
Title: | Executive Director, Chief Financial Officer and Company Secretary | |||
I. |
Estimated Results for the reporting period
|
1. |
Period to which the estimated results applies: Six months ended 28 February 2010
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||
2. |
Estimated increase as compared to the corresponding period last year in key financial
indicators:
|
1
Our preliminary consolidated results (the Estimated Results) prepared in
accordance with the Hong Kong Financial Reporting Standards issued by the Hong Kong
Institute of Certified
Public Accountants show that for the six months ended 28 February 2010, as compared with
the corresponding period in the prior year, as disclosed in the 2009 Interim Report:
|
1. |
Our revenue is estimated to have increased by more than 8%
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||
2. |
Our EBITDA is estimated to have increased by more than 5%
|
||
3. |
Our profit attributable to shareholders is estimated to have increased by
more than 50%
|
3. |
The Estimated Results have not been audited.
|
II. |
Results of the corresponding period last year, being the six months ended 28 February 2009
|
1. |
Revenue of HK$721.2 million
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||
2. |
EBITDA of HK$232.0 million
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||
3. |
Profit attributable to shareholders of HK$75.3 million
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4. |
Earnings per share (basic): HK11.6 cents
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||
5. |
Earnings per share (diluted): HK11.4 cents
|
III. |
Comparison of certain key operating statistics with those of the corresponding period during
the prior year
|
1. |
Fixed Telecommunications Network Services (FTNS)
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||
Since the launch of our Member-Get-Member program on 1 November 2009 for 100Mbps
residential broadband services at HK$99/month, we have seen a significant increase in our
broadband subscriptions. During the six months ended 28 February 2010, we added 73,000
net broadband subscriptions compared to 34,000 net additions for the corresponding period
during the prior year.
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During the period, for our IP-TV business, we focused on improving our revenue yield per
customer by proactively collecting back set-top-boxes from low yielding customers for
refurbishment and deployment to higher yielding customers. As a result, there was a net
decline in subscription numbers.
|
As of | As of | |||||||
28 February 2009 | 28 February 2010 | |||||||
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Number of Registered Subscriptions
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||||||||
Broadband
|
350,000 | 464,000 | ||||||
Voice-over-IP
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352,000 | 406,000 | ||||||
IP-TV
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170,000 | 157,000 | ||||||
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||||||||
Total
|
872,000 | 1,027,000 | ||||||
|
2
For the six months | For the six months | |||||||
ended | ended | |||||||
28 February 2009 | 28 February 2010 | |||||||
Movement during the Period
|
||||||||
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Broadband
|
34,000 | 73,000 | ||||||
Voice-over-IP
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23,000 | 24,000 | ||||||
IP-TV
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14,000 | (13,000 | ) | |||||
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Total
|
71,000 | 84,000 | ||||||
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2. |
International Telecommunications Services (IDD)
|
||
IDD traffic volume recorded a fall of approximately 6% in the reporting period to 230
million minutes, when compared with the 245 million minutes recorded in the corresponding
period last year.
|
|||
3. |
Capital expenditure
|
||
Due to our continuing network expansion, we recorded an increase in capital expenditure
of approximately 21% to about HK$177 million from HK$146 million as recorded in the
corresponding period last year.
|
IV. |
Reasons for improvement in estimated results
|
|
Our major businesses experienced positive trends during the six months ended 28 February 2010.
The increase in estimated revenue is primarily due to the improvement from our FTNS business.
|
||
Despite relatively high customer acquisition costs associated with accelerated broadband
subscription growth, we were able to grow our EBITDA slightly.
|
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The estimated improvement in profit attributable to shareholders was mainly due to 1) lower
interest expense after the buy back and cancellation of our 10-year senior
notes, which reduced the amount outstanding from US$89 million to US$21 million during the
second half of FY2009 and 2) the improvement of our FTNS business. These positive factors more
than offset the loss on early redemption premium and the buyback and cancellation on our
10-year senior notes of HK$9.6 million.
|
3
V. |
Updated FY2010 Guidance
|
|
Further to the FY2010 Guidance (the Guidance) as set out in the section headed Chairman
Statement on page 9 of our 2009 annual report, we have updated our outlook for the twelve
months ending 31 August 2010 as follows:
|
|
broadband subscriptions growth from 391,000 subscriptions as of 31 August 2009 to exceed
510,000 subscriptions by 31 August 2010 (Guidance was 500,000 subscriptions)
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|
mild revenue growth (remain unchanged)
|
||
|
EBITDA of HK$477 million, being equal to the total FY2009 EBITDA of HK$508 million minus the
gain on extinguishment of 10-year senior notes of HK$31 million (remain unchanged)
|
||
|
capital expenditure of HK$300-350 million (remain unchanged)
|
|
By Order of the Board | |||
City Telecom (H.K.) Limited | ||||
Lai Ni Quiaque | ||||
Executive Director, Chief Financial Officer and | ||||
Company Secretary |
4
1 Year Hong Kong Television Network Ltd. (MM) Chart |
1 Month Hong Kong Television Network Ltd. (MM) Chart |
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