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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (726)	3/28/2001 12:20:57 PM
From: ms.smartest.person	of 2248

Pacific Century CyberWorks Posts a Loss for 2000 on Investments March 28, 2001 11:11 AM HONG KONG -- Pacific Century CyberWorks Ltd. said Wednesday that it swung to a net loss in 2000, which the telecommunications-equipment provider attributed to investments. PCCW (PCW) posted a full-year net loss of $886 million, compared with a net profit of $44 million a year earlier. Analysts had expected a loss of $291 million. Revenue soared to $935 million from $19 million, but the company booked a provision of $627 million on its investment portfolio and took another $40 million charge on other provisions. PCCW Chief Financial Officer David Prince said the provisions were taken in the current year in order to preserve cash flow. The earnings for 2000 include more than four months of contributions from the $28.9 billion cash-and-shares takeover of Cable & Wireless HKT from United Kingdom-based Cable & Wireless PLC in February 2000. CyberWorks booked goodwill from the takeover of HKT of $22 billion, which was written down against reserves, in line with company practice. The company also said it paid $284 million last year in interest costs on the $12 billion bridge loan taken out to finance the purchase of HKT. CyberWorks said it expects the same interest payment on the loan this year. The bulk of revenue for the former Hong Kong monopoly telecom operator continued to come from telecommunication services. But income from the division fell 6.8% to $2.59 billion from $2.78 billion a year earlier. Chairman Richard Li said revenue from telecom services is expected to be flat this year. Connectivity operations, which have since become part of a 50-50 joint venture with Australia's Telstra Corp., reported revenue in 2000 of $941 million. While connectivity -- which connects phones to other devices -- was completely included as income from associates in PCCW's earnings report, mobile-phone operations were only 40% included since the takeover of C&W HKT. Mobile operations posted a 5% rise in revenue to $663 million and a 3% increase in average revenue per user to $58. Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved. smartmoney.com

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