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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	2/20/2003 10:06:04 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra punished after massive Hong Kong write-down Posted: Fri, 21 Feb 2003 12:17 AEDT Telstra has been punished by investors on the Australian share market after a $1 billion write-down on a Hong Kong joint venture. Telstra shares have crumbled almost 5 per cent to their lowest level in more than five years. The bottom so far today for Telstra shares has been $4.16, a level not seen since December 1997 and 44 per cent below the $7.40 paid by 1.7 million small investors in the Federal Government's Telstra II sale. Australia's dominant telecommunications carrier has written down by $965 million the value of Reach Limited, its Hong Kong joint venture with Richard Li's Pacific Century Cyberworks. Telstra chief executive officer, Ziggy Switkowski, says an oversupply of capacity is driving down prices for Internet data carriage. "What we're finding is that as customer contracts have come up for renewal that recent pricing has continued to trend sharply lower to levels beyond our business plan expectations," he said. Around midday (AEDT), Telstra shares were down 18 cents at $4.19, still down more than 4 per cent. © ABC 2003 abc.net.au

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