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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1525)	7/3/2001 10:56:03 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

PCCW loss in 2000 doubles under US accounting rules 7/2/2001 8:26:00 PM HONG KONG, July 3 (Reuters) - Internet and telecoms firm Pacific Century CyberWorks (0008) reported on Tuesday an attributable loss of HK$14.57 billion (US$1.87 billion) for 2000 under U.S. accounting standards, more than twice the figure it reported in Hong Kong in March. The discrepancy arose from different accounting standards in the United States where PCCW was required to file its accounts to the Securities and Exchange Commission following its takeover of Cable and Wireless HKT last August. Cable and Wireless lists American Depositary Receipts on the New York Stock Exchange. Under U.S. generally agreed accounting principles (GAAP), PCCW recorded HK$145.89 billion in shareholders' equity, whereas under the Hong Kong accounting system, the company recorded a deficit of only HK$14.85 billion. This also means that PCCW will report slimmer profits under the U.S. rules because of the amortisation of goodwill. PCCW reported a loss of HK$6.9 billion under Hong Kong accounting rules. REUTERS Rtr 20:26 07-02-01 Selector Code: reuco Copyright 2001, Reuters News Service