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PCCW Reports Better-Than-Expected Results
Pacific Century CyberWorks (PCCW), Hong Kong's major Internet and Telecom play, said Thursday that it returned to the black with a net profit of 935 million HK dollars (120 million U.S. dollars) for the six months through June.
The bottom line was near the top end of market expectations.
Goldman Sachs had expected the company, run by Hong Kong tycoon Li Ka-shing's son Richard Li, to record a first-half net profit of 960 million HK dollars while the estimated of Morgan Stanley, CLSA and Merrill Lynch was at 822 million HK dollars, 321 million HK dollars and 100 million HK dollars respectively.
Revenue was 11.31 billion HK dollars (1.45 billion U.S. dollars) . Earnings before interest, tax, depreciation and amortization were 3.91 billion HK dollars (501 million U.S. dollars).
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