- Report of Foreign Issuer (6-K)
April 15 2010 - 6:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
April 15, 2010
CITY TELECOM (H.K.) LIMITED
(Translation of registrants name into English)
Level 39
Tower I, Metroplaza
No. 223 Hing Fong Road
Kwai Chung
New Territories
Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F:
þ
Form 20-F
o
Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934:
o
Yes
þ
No
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
n/a
City Telecom (H.K.) Limited (the Company) is furnishing under cover of Form 6-K an announcement
dated April 15, 2010 relating to Estimated Improvement in Profit Attributable to Shareholders for
the six months ended February 28, 2010 of the Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CITY TELECOM (H.K.) LIMITED
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By:
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/s/ Lai Ni Quiaque
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Name:
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Lai Ni Quiaque
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Title:
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Executive Director,
Chief Financial Officer and Company Secretary
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Dated: April 15, 2010
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or
in reliance upon the whole or any part of the contents of this announcement.
CITY TELECOM (H.K.) LIMITED
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
(Stock Code: 1137)
ANNOUNCEMENT
ESTIMATED IMPROVEMENT IN
PROFIT ATTRIBUTABLE TO SHAREHOLDERS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2010
Since the launch of our Member-Get-Member program on 1 November 2009 for residential 100Mbps
broadband services at HK$99/month, we have seen a significant increase in our broadband
subscriptions. During the six months ended 28 February 2010, the Company added 73,000 net broadband
subscriptions compared to 34,000 net additions for the six months ended 28 February 2009.
Compared with the corresponding period in the prior year, as disclosed in our 2009 Interim Report,
for the six-month period ended 28 February 2010, we expect revenue to have increased by more than
8%, EBITDA to have increased by more than 5% and profit attributable to shareholders to have
increased by more than 50%.
Shareholders of the Company and/or investors are advised to exercise caution when dealing in our
shares.
This announcement is made by City Telecom (H.K.) Limited (the Company) pursuant to Rule 13.09(1)
of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
I.
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Estimated Results for the reporting period
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1.
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Period to which the estimated results applies: Six months ended 28 February 2010
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2.
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Estimated increase as compared to the corresponding period last year in key financial
indicators:
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1
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Our preliminary consolidated results (the Estimated Results) prepared in
accordance with the Hong Kong Financial Reporting Standards issued by the Hong Kong
Institute of Certified
Public Accountants show that for the six months ended 28 February 2010, as compared with
the corresponding period in the prior year, as disclosed in the 2009 Interim Report:
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1.
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Our revenue is estimated to have increased by more than 8%
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2.
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Our EBITDA is estimated to have increased by more than 5%
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3.
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Our profit attributable to shareholders is estimated to have increased by
more than 50%
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3.
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The Estimated Results have not been audited.
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II.
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Results of the corresponding period last year, being the six months ended 28 February 2009
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1.
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Revenue of HK$721.2 million
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2.
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EBITDA of HK$232.0 million
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3.
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Profit attributable to shareholders of HK$75.3 million
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4.
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Earnings per share (basic): HK11.6 cents
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5.
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Earnings per share (diluted): HK11.4 cents
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III.
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Comparison of certain key operating statistics with those of the corresponding period during
the prior year
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1.
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Fixed Telecommunications Network Services (FTNS)
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Since the launch of our Member-Get-Member program on 1 November 2009 for 100Mbps
residential broadband services at HK$99/month, we have seen a significant increase in our
broadband subscriptions. During the six months ended 28 February 2010, we added 73,000
net broadband subscriptions compared to 34,000 net additions for the corresponding period
during the prior year.
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During the period, for our IP-TV business, we focused on improving our revenue yield per
customer by proactively collecting back set-top-boxes from low yielding customers for
refurbishment and deployment to higher yielding customers. As a result, there was a net
decline in subscription numbers.
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As of
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As of
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28 February 2009
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28 February 2010
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Number of Registered Subscriptions
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Broadband
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350,000
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464,000
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Voice-over-IP
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352,000
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406,000
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IP-TV
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170,000
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157,000
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Total
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872,000
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1,027,000
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2
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For the six months
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For the six months
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ended
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ended
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28 February 2009
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28 February 2010
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Movement during the Period
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Broadband
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34,000
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73,000
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Voice-over-IP
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23,000
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24,000
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IP-TV
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14,000
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(13,000
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)
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Total
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71,000
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84,000
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2.
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International Telecommunications Services (IDD)
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IDD traffic volume recorded a fall of approximately 6% in the reporting period to 230
million minutes, when compared with the 245 million minutes recorded in the corresponding
period last year.
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3.
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Capital expenditure
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Due to our continuing network expansion, we recorded an increase in capital expenditure
of approximately 21% to about HK$177 million from HK$146 million as recorded in the
corresponding period last year.
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IV.
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Reasons for improvement in estimated results
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Our major businesses experienced positive trends during the six months ended 28 February 2010.
The increase in estimated revenue is primarily due to the improvement from our FTNS business.
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Despite relatively high customer acquisition costs associated with accelerated broadband
subscription growth, we were able to grow our EBITDA slightly.
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The estimated improvement in profit attributable to shareholders was mainly due to 1) lower
interest expense after the buy back and cancellation of our 10-year senior
notes, which reduced the amount outstanding from US$89 million to US$21 million during the
second half of FY2009 and 2) the improvement of our FTNS business. These positive factors more
than offset the loss on early redemption premium and the buyback and cancellation on our
10-year senior notes of HK$9.6 million.
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3
V.
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Updated FY2010 Guidance
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Further to the FY2010 Guidance (the Guidance) as set out in the section headed Chairman
Statement on page 9 of our 2009 annual report, we have updated our outlook for the twelve
months ending 31 August 2010 as follows:
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broadband subscriptions growth from 391,000 subscriptions as of 31 August 2009 to exceed
510,000 subscriptions by 31 August 2010 (Guidance was 500,000 subscriptions)
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mild revenue growth (remain unchanged)
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EBITDA of HK$477 million, being equal to the total FY2009 EBITDA of HK$508 million minus the
gain on extinguishment of 10-year senior notes of HK$31 million (remain unchanged)
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capital expenditure of HK$300-350 million (remain unchanged)
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The information contained in this announcement is only a preliminary estimate performed by our
Board of Directors and was unaudited.
Shareholders of the Company and/or investors are advised to exercise caution when dealing in the
Companys shares.
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By Order of the Board
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City Telecom (H.K.) Limited
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Lai Ni Quiaque
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Executive Director, Chief Financial Officer and
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Company Secretary
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Hong Kong, 15 April 2010
As at the date of this announcement, the executive directors of the Company are Mr. Wong Wai Kay,
Ricky (Chairman), Mr. Cheung Chi Kin, Paul (Vice Chairman), Mr. Yeung Chu Kwong, William (Chief
Executive Officer) and Mr. Lai Ni Quiaque (Chief
Financial Officer); the non-executive director of the Company is Dr. Cheng Mo Chi, Moses; and the
independent non-executive directors of the Company are Mr. Lee Hon Ying, John, Dr. Chan Kin Man and
Mr. Peh Jefferson Tun Lu.
4
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