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PCCW, Hong Kong's largest fixed-line operator, yesterday posted a profit attributable to shareholders of HK$703 million (US$90 million) for the first half of 2003, in contrast to a loss of HK$448 million (US$57 million) a year earlier.

The company's first half performance had failed to meet analysts' expectations, partly because of the losses at Reach, its undersea cable joint venture with Telstra.

The company's revenues rose 5 per cent to HK$10.7 billion (US$1.38 billion), of which HK$1.45 billion (US$186 million) was contributed by the property sales at its Cyberport development.

However, revenue of the company's telecommunication services division fell 8 per cent to HK$8.39 billion (US$1.08 billion) because of a reduction in the overall number of direct exchange lines in service in Hong Kong and downward pricing pressure on the traditional local data and international telecommunications markets.

The company said that it had reduced its debt by 8 per cent to HK$30.3 billion (US$3.89 billion) from HK$32.9 billion (US$4.22 billion) from a year earlier, with average maturity extended to about seven years.

Jack So, deputy chairman of PCCW, said that with the company's effort to control costs, exit non-core businesses and maximize free cash flow, the company could be in a position to resume paying a dividend in the medium term.

"We have not lost sight of this objective and although we cannot yet commit to a definite timetable, we are vigorously pursuing this goal," So said.

PCCW has been the worst-performing blue-chip stock in Hong Kong this year as investors shunned the company because of worries about a lack of growth prospects to offset market share losses in its Hong Kong phone business.

So said the rate of decline in market share in the fixed-line business had slowed down with the help of recent marketing initiatives and the introduction of "Intelligent Line", a new service launched last month.

The company said its new-generation fixed-line services had seen extraordinary demand, with 350,000 subscribers signed up for the first six weeks. The company has now set a new year-end target of 600,000 subscribers, which was the original goal for 2004.

PCCW's broadband subscription was also on the rise. The number of consumer subscribers of the "Netvigator" broadband service grew 20 per cent to 460,000 for the first half.

Mike Butcher, PCCW executive director, said he expected that the 2003 full-year capital expenditure would increase to 10 per cent of the company's total income because of the launch of this new business. He said the capital expenditure for the first half took up 3 to 4 per cent of the total income.

On the less sunny side, the company said operating earnings for Reach plunged during the first half of 2003, with earnings before interest, taxes, depreciation and amortization (EBITDA) falling to HK$289 million (US$37 million) from HK$1.63 billion (US$209 million) a year earlier.

PCCW said Reach recorded a loss before tax and PCCW's share of this loss was HK$385 million (US$49 million).

Reach's results were affected by ongoing pricing pressure and excess capacity in the undersea and long-haul telecommunications markets, the company said.

Though the poor performance of Reach had dragged down the company's first half results, PCCW said they were not going to sell it.

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