PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (238)	2/5/2001 10:42:44 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW Says Report on Fixed-Line Projections Incomplete Feb 06, 2001 - 09:28:06 HKT Quamnet News Service Pacific Century CyberWorks Ltd. (0008), Richard Li's Internet and telecoms company, said the information contained in a newspaper report yesterday about the estimates and projections of its fixed-line telephone arm has not been audited and should not be used as a basis for making investment decisions on its shares. PCCW's statement was made in response to a report by the Hong Kong Economic Times yesterday, which cited a document PCCW issued to its refinancing banks. It said PCCW is expected to earn a net profit of only HK$2 billion this year from its telephone arm PCCW-HKT Telephone Ltd. due to its huge interest expenses on loans. The document also said the ratio of PCCW's total debts to EBITDA (earnings before interest, tax, depreciation and amortization) will still be above 3.5 times by 2003. "The information contained in the article appears to have been extracted from a confidential memorandum which was prepared by the company on a strictly confidential basis solely for use by prospective lending banks in considering participation as syndicate lenders in the US$4.7 billion senior unsecured term loan facility which was recently raised by PCCW-HKT Telephone," said Donald Hess, PCCW's company secretary in a statement. PCCW said the information contained in the memorandum was prepared for the sole purpose of assisting prospective refinancing banks in making their own evaluation of PCCW-HKT Telephone. It also emphasized that the estimates and projections contained in the article were incomplete and do not constitute a formal profit forecast. PCCW-HKT is Hong Kong's largest fixed-line telephone service provider. PCCW shares ended yesterday down 2.6 percent to HK$4.675. quamnet.com

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