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November 4, 1993

…AS HONG KONG TELECOM SURPRISES ITSELF

By CBR Staff Writer

Meanwhile on the other side of the world, Hong Kong Telecommunications Ltd – where Cable & Wireless Plc holds 58.8% – says that profit growth in the current half should just about match the 15% achieved in the first half; in May, it had not expected to match the 13.3% achieved last year. Traffic has increased 3% on some international routes, the most profitable part of its business, since it cut prices on those routes by 8% in August. The company has ambitious plans for business in the developing Asian region, with deals in countries such as Vietnam, Malaysia and Indonesia in its sights. Application for a cable television operator’s licence is the next step in the company’s plan for development, and it expects to invest nearly $520m in its now all-digital network by the end of this fiscal. A video-on-demand trial is planned for mid-1994.

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