Hutch is doing a GREAT JOB!!!
Fez
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May 28, 2001
Hutchison Global Crossing sees operating figures beating target
Hutchison Global Crossing (HGC), a fixed-line telephone joint venture between Hutchison Whampoa and Asia Global Crossing, is on target to achieve operating break-even this year, according to chief executive Peter Wong.
The turnaround, which could come a year earlier than analysts expected, would be the first operating profit since the firm won a license in 1995. The improvement was attributed to a surge in demand for data and fixed-line services.
"We have been very aggressive in acquiring clients who are looking for a fully integrated service," Mr Wong said. "We will be even more aggressive in pushing to sell more lines in Hong Kong."
Although he declined to be specific about the growth in lines, he indicated the company was looking for double-digit turnover growth this year.
He said HGC had targeted a significant market share in certain business services in Hong Kong.
Many analysts see the fixed-line telephony market in the SAR as having peaked and in a period of decline.
According to statistics from the Office of the Telecommunications Authority, the number of fixed lines in Hong Kong have dropped 19,731 to 3.925 million, or a decline of 0.5 per cent from the end of last year.
Other fixed-line operators have made up ground this year. New World Telephone, a subsidiary of New World Development, said it had added 10,000 lines to give a total of 43,000 in the past three months. HGC, which is also believed to have achieved a net increase in line penetration, said it had connected 1,100 buildings |
