Hong Kong Telecommunications Ltd, majority-owned by Cable & Wireless Plc, was very encouraged by its interim results (see page seven), saying they were a reflection of continuing strong economic development within Hong Kong, China and the Southeast Asia region: international services continued to experience good growth, particularly in China, which now makes up 26% of total international revenues and 44% of volume; revenues from local telephone services grew 8%, with 90,000 new lines installed, reflecting the success in selling facsimile lines to the residential market; however, local tariffs are expected to increase by an average 6% by early 1993, while international charges are predicted to fall by an average 8%, and 20% on some routes; Hong Kong Telecommunciations reaffirmed its agreement in principle to the government’s new regulatory framework, saying that not only would increases in the price of local telephone services be maintained below inflation rates, but that the scheme would also benefit its shareholders.
