PCW - Pacific Century CyberWorks Limited Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : PCW - Pacific Century CyberWorks Limited

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: ms.smartest.person who wrote (738)	3/28/2001 9:25:06 PM
From: ms.smartest.person	Read Replies (1) of 2248

CyberWorks Reports Loss International Herald Tribune International Herald Tribune Thursday, March 29, 2001 HONG KONG Less than a year after he became the uncrowned king of the Internet in Asia, the Hong Kong businessman Richard Li on Wednesday presented worse-than-expected results in the first financial snapshot of his company since a major acquisition last August. Mr. Li's company, Pacific Century CyberWorks Ltd., reported a loss of $886 million for 2000. The bleak numbers and a heavy debt burden even prompted some CyberWorks executives to protest that the company does, in fact, remain solvent. David Prince, chief financial officer, said CyberWorks was "well able and within our means" to service its debts. The two-year-old Internet start-up, founded by the son of the prominent tycoon Li Ka-shing, capitalized on the height of Internet fever to carry off a $38 billion purchase of Hong Kong Telecom from Cable Wireless PLC of Britain last year. But Asia's largest-ever corporate merger produced one of its biggest markdowns. Executives said CyberWorks would immediately write off the $22 billion goodwill premium paid for shares of Hong Kong Telecom. The debt acquired to finance the acquisition has ballooned to make the company's liabilities greater than both its assets and its market capitalization. CyberWorks said it would take steps to lift earnings, including possible layoffs. Copyright © 2001 The International Herald Tribune iht.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next