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PCCW's 2008 net profit down 15%

Published: 22 Apr 2009 00:48:43 PST

Apr. 22, 2009 (China Knowledge) - PCCW Ltd<8>, the biggest telecom carrier in Hong Kong, reported that its net profit attributable to shareholders plunged 15% year on year to HK$1.27 billion in 2008.

The company attributed the net profit decline to the increased cost of finding new customers, loss arising from revalued property investments and impairment provisions.

The company's core business revenue rose 7% from the previous year to RMB 22 billion due to the income increase arising from television, mobile communication business and stable telecom services.

The company's overall income surged 35% compared with a year earlier to HK$31.95 billion.

Alex Arena, the general manager of PCCW, said the company must maintain prudent financial policies to control expenditures and enhance the company's efficiency in 2009.

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