HKBN Reports Revenue Doubled for the 6 Months Ended 29 February

The telecom platform said revenues doubled year-on-year to HK$4,457 million thanks to a series of mergers and acquisitions. Net income, however, declined to HK$132 million, or 10.1 cent per share.
Shirley TianApr 23,2020,05:55

Hong Kong-based telecom and technology solutions provider, HKBN Ltd. (HK: 1310) today announced doubled revenue for the six months ended 29 February.  

In a statement today, the telecom platform said its revenue doubled year-on-year to HK$4,457 million for the past six months, thanks to a series of mergers and acquisitions. Net income, however, declined to HK$132 million, or 10.1 cent per share, from HK$199 million a year ago.

As a result, the company has recommended the payment of an interim dividend of 37 HK cents, resulting in a 9% year-on-year growth.  

Looking forward, William Yeung, co-owner and executive vice-chairman of HKBN, said “we expect that COVID-19 will structurally slow down global business-as-usual economic activities but force massive demand for business transformations; it is the latter that we are focused on for growth. In short, we are optimistic of the mid-term future.”

Shares of HKBN climbed up more than 2% to close at HK$13.08 in Hong Kong Wednesday. 

HKBN Ltd., together with its subsidiaries,is an investment holding company. Through three core brands, Hong Kong Broadband Network, HKBN Enterprise Solutions and HKBN JOS, the company offers one-stop information and communications technology services that include broadband, data connectivity, managed Wi-Fi, integrated cloud solutions, information security, etc. HKBN's tri-carrier fibre infrastructure in Hong Kong covers about 2.4 million residential homes and 7,300 commercial buildings and facilities.