LONDON-Hongkong Telecommunications Ltd. reported its mobile service revenues for the fiscal year ended March 31 were $751.6 million, down 3 percent from the previous year.
The company recorded a net profit of $1.5 billion, or 12 cents per share, for fiscal 1998, a 7.7-percent decrease from the previous year’s profits. “This has been a very difficult year for companies operating in Asia,” said Sir Brian Smith, chairman of Hongkong Telecom’s board of directors. “The weak economic environment in Hong Kong throughout the year has dampened demand for basic telecommunications services. At the same time, Hongkong Telecom has faced intense price competition, particularly in international telephone and mobile services. These developments are reflected in the contraction of revenues overall.”
