HONG KONG, Nov. 28, 2012 (GLOBE NEWSWIRE) --
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Dear Friends of City Telecom,
City Telecom (H.K.) Ltd. ("The Group") (HKSE:1137) (Nasdaq:CTEL), announced annual results for the 12 months ended 31 August 2012 (FY2012). FY2012 a special year for the Group. On one hand we celebrated 20th Anniversary, and we concluded our first venture in Telecom business on the other. From this year onward, City Telecom is a 100% devoted multimedia company in Hong Kong.
"There are ups and downs in economic cycles, so do business financial returns. Our management team foresees the constraints on expansion and competition for operating fixed telecommunications network service in a small city like Hong Kong; and we also noticed the rapid growth for the demand towards Chinese entertainment programmes globally, particularly from China," Mr. Ricky Wong, Chairman of the Group said.
- Profit from discontinued operations (net of tax) of HK$3,771.7 million due to the very substantial disposal of the Group's International Telecommunications Services and Fixed Telecommunications Network Services Businesses (the "Telecom Business") during the year
- Strong balance sheet with net cash position of HK$2,623.8 million
- On continuing operations, a loss of HK$73.8 million incurred (FY2011 : HK$32.1 million) due to the start-up multimedia business
- Turnover from continuing operations amounted to HK$3.8 million (FY2011 : HK$Nil)
- Recommended a final dividend of HK15 cents per ordinary share in cash (FY2011 : HK15 cents per ordinary share) bringing total dividend to HK30 cents per ordinary share for FY2012 (FY2011 : HK30 cents per ordinary share)
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About City Telecom
City Telecom (H.K.) Ltd. is a Hong Kong and the U.S. listed company (HKSE:1137) (Nasdaq:CTEL). Established in 1992, the Group possesses extensive and successful experience in telecom market liberalization, popularizing advanced technology & applications. The Group strives to expand its foothold to the TV industry. Since 2011, Hong Kong Media Production Company Limited has been aggressive in forming the dream team of artistes, production and creative Talents, as well as artistes.
The Group will invest over HK$800 million in the next three years to build a 500,000 sq. ft. TV & Multimedia Production Centre, including the largest studio in Asia with an area of 18,000 square ft. and post-production suite equips with 3D and Super High-definition production facilities. The production center is expected to go into full operation in early 2014.
At commencement, City Telecom's TV business will broadcast 12 channels, and will increase to 20 in 3 years. City Telecom targets to produce drama totaling 260 hours in 2012 and 650 hours in 2013. 104 hours of variety and infotainment programs will also be produced in 2012 and 520 hours in 2013.
CONTACT: For Enquiries, please contact: Investor Engagement Mr. Andrew Kwan Tel: +852 3145 6051 Email: email@example.com
Source:City Telecom (H.K.) Limited