HK PRESS: PCCW Deputy Chairman Sees Better Year Ahead
Dow Jones Newswires
HONG KONG -- Pacific Century CyberWorks (PCW) is poised for a better performance in its second year of operations despite the economic gloom that has set in, according to its deputy chairman, Linus Cheung, South China Morning Post reports.
A year after the Internet startup took over Hong Kong's dominant telecom firm Cable & Wireless HKT, PCCW's share price is down about 87% to Wednesday's HK$1.92 close.
Cheung, who was chairman of Cable & Wireless HKT, said "I am sure our share price performance will be much better in the future," according to the Post.
"In the past few months, the worldwide telecoms market was under pressure, and we saw the Internet bubble burst. But this is just the first inning of the ball game - our thoughts about the convergence of content and access cannot be wrong," the paper quotes Cheung saying.
Cheung said the company's restructuring efforts have better positioned it for tackling the market going forward. Even though PCCW chairman Richard Li's promise to not cut staff in the first year of operations expires on Friday, the anniversary of the takeover, Cheung said the company has no plans to cut staff "at this stage," the Post says.
There has been speculation that the company will cut jobs when the first year expires.
-By Kirsti Hastings, Dow Jones Newswires; (852) 2832 2337; kirsti.hastings@dowjones.com
-0- 16/08/01 00-36G
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