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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (4075)12/9/2000 12:54:20 AM
From: ms.smartest.person  Read Replies (1) of 4541
 
Telstra confirms joint venture revenue
AAP
07/12/2000

Telstra Corp chief executive Ziggy Switkowski on Thursday confirmed forecasts for its IP backbone joint venture company to post revenue of just less than $US2.0 billion ($3.7 billion) in its first year of operation.

Pacific Century CyberWorks (PCCW) and Telstra are joint venture partners in the infrastructure backbone business.

"The IP backbone company, when it is formed in the next few weeks, will start out with a revenue stream of just under $US2.0 billion and EBITDA of just under $US500 million," Dr Switkowski said.

Dr Switkowski also denied that Telstra was in conflict with joint venture partner Pacific Century Cyberworks (PCCW) over the strategy for the IP Backbone company.

Newspaper reports on Thursday said Telstra and PCCW had revealed conflicting strategies to the market.

Dr Switkowski also said seeking the appointment of senior executives to the joint venture and a new chief financial officer for Telstra were continuing.

Last month, chief financial officer Paul Rizzo resigned, resulting in a fall in the company's shares when the news was announced.

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This story was found at: afr.com
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