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2009-1-9 05:30:00 p.m. HKT, XFNA
Hong Kong's i-CABLE says FY results may turn red
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| HONG KONG (XFN-ASIA) - i-CABLE Communications Ltd said it may report a net loss for 2008, due to a decline in revenue and margins amid deteriorating economic conditions and fiercer competition.
The cable TV operator posted a net profit of 183 mln hkd in 2007.
In August, the company reported a 78 pct decline in net profit to 26 mln hkd for the six months ended June 2008.
Deteriorating economic conditions and intense competition since the second half continued to have a negative impact on the group's business, resulting in further revenue and margin erosion, the company said today.
It said it also expects to set aside special provisions for set-top boxes that must be replaced this year upon the launch of its next-generation transmission encryption system.
It also cited losses on its film investments.
However, the company said its financial position remains solid and it is well-positioned to weather the current difficulties.
Shares of i-CABLE today closed down 0.03 hkd or 4.6 pct at 0.62.
(1 usd = 7.8 hkd)
george.ng@xfn.com |
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