updated 11/9/2010 5:15:38 AM ET 2010-11-09T10:15:38

HONG KONG, Nov. 9, 2010 (GLOBE NEWSWIRE) -- City Telecom (H.K.) Ltd. ("City Telecom") (HKSE:1137) (Nasdaq:CTEL), today announced annual results for the 12 months ended 31 August 2010 (FY2010). The Group executed within the guidance for FY2010, meeting the financial and operational targets as set at the beginning of the financial year.

"Key performance indicators for the Group's results for 12 months to 31 August 2010, in terms of record net growth of broadband subscription, flat core EBITDA and assertive network coverage expansion have all met our targets set one year ago," chairman of City Telecom, Ricky Wong said.

"Firstly, we achieved record broadband subscription net additions of 135,000 to 526,000 as of 31 August 2010, i.e. 34.5% year on year growth, mainly by taking market share in a saturated market. Secondly, we have maintained core EBITDA essentially flat at HK$479.1 million (HK$469.4 million add back HK$9.7 million loss on extinguishment of 10-year senior notes). Lastly, our network coverage has been extended by 150,000 to 1.77 million home passes as of 31 August 2010, according to our plan," he added.

Highlights :

  • Record broadband subscription growth of 135,000 net additions during the year to 526,000 as of 31 August 2010
  • Total turnover grew by 6.5% year-on-year to HK$1,574.7 million due to strong Fixed Telecommunications Network Services (FTNS) turnover growth of 10.2% year-on-year to HK$1,356.1 million
  • Maintain a stable core earning before interest, tax, depreciation and amortization ("EBITDA") of HK$479.1 million despite the record broadband subscription growth and associated acquisition costs
  • Net profit attributable to shareholders for FY2010 reached HK$216.9 million, compared to HK$212.8 million in FY2009
  • Declared a final cash dividend of HK13.5 cents per ordinary share bringing full year dividend to HK20 cents per ordinary share (FY2009 : HK19 cents per ordinary share)

For live webcast and replay for analyst presentation can be viewed at http://ir.ctigroup.com.hk/eng/ir/results.php . Materials of this annual results announcement, such as presentation slides and press release can also be found at the above website.

About City Telecom/Hong Kong Broadband Network Limited

Established in 1992, City Telecom (H.K.) Limited (HKSE:1137) (Nasdaq:CTEL) provides integrated telecommunications services in Hong Kong via its own self-built fibre network. City Telecom's wholly-owned subsidiary, Hong Kong Broadband Network Limited (HKBN), is the fastest growing broadband service provider in Hong Kong. HKBN offers a diversified portfolio of innovative products that service over 1,110,000 subscriptions for broadband, local telephony and IP-TV. The Company has built a solid market position with top-of-the-line applications and practices enabling it substantial growth. The company takes great pride in developing its over 3,000 Talent force into a competitive advantage. Additional information on City Telecom can be found at www.ctigroup.com.hk .

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